"Jack's Trading Classroom: ETHUSD Mid-Term Bullish Target"

In the article "ETHUSD Double Bottom Breakthrough Pullback" shared by us on December 14, 2020, it was mentioned that a stop-loss could be set at the low point of the right foot at this price level, attempting to enter the market with a long position. Setting the Fibonacci sequence 200 (627.02) as the profit-taking target was more favorable. Subsequently, Ethereum has perfectly taken profit at the target of 627.02.

In the article "ETHUSD Double Bottom Breakthrough and Pullback" shared by us on December 14, 2020, it was mentioned that a stop-loss could be set at the low point of the right foot at this price level, attempting to enter the market with a long position. It was suggested that setting the Fibonacci sequence 200627.02 as the profit target would be better. Ethereum has since perfectly hit the profit target at 627.02.

Today we will continue to update the trend analysis of Ethereum. Currently, we see on the four-hour K-line chart of ETHUSD, after breaking through the previous high of Ethereum at 636.53, it has continued to rise to around the current price of 651.25.

By using the Fibonacci sequence for analysis, the high point of 636.53 is set as Fibonacci 100, and the low point of 480.08 is set as Fibonacci 0. The double bottom pattern mentioned in the previous article "ETHUSD Double Bottom Breakthrough and Pullback" coincides with the Fibonacci 38.2 support at 539.84.

Therefore, after breaking through Fibonacci 100 at 636.53, we can continue to adjust the target for Ethereum upwards to the Fibonacci range of 127.2-138.2, with price levels falling between 679.08-696.27.

In recent days, the digital currency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal comments, please carefully consider it, as cryptocurrency trading may pose risks to your capital.

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