ETHUSD Reversing Back Upwards from Double Bottom Pattern for KRAKEN:ETHUSD by kyer

Yes, I understand that we’ve been gaining the past 11 days in a row. However, take a look at the previous pattern back in Feb – March right before the pump up to $4000 during the NFT craze.

From that double bottom pattern, we saw a bounce off the $1576 level all the way up to $4,300 and then came back down after that.

At the moment, ETH came back down from that spike upwards and created a higher low with the double bottom forming at $1784, a higher low indicating that the bullish momentum is still there.

Perfect entry would’ve been between $1784 – $2022 going long towards the 1st wick of this downtrend holding the price back around the 1.618 Fib level @ $2709.

I’m first taking profits on my position at that level and looking to re-enter after it is rejected. There should be some consolidation pretty soon, this growth is unsustainable for the long term and needs to cool off at some point.

Even if we pull back a little bit on BTC and ETH, this does not change the sentiment in the market and most likely it will be a liquidity stop hunt.

We are going to 100% see higher highs than we posted earlier this year in May and those numbers will look like nothing Coming up, we have the EIP-1559 going live early Thursday morning and that has not been priced in yet.

Everybody saying that EIP has been priced in does not know the implications of the Improvement Proposal. We spiked up to $4300 with horrible fees and users paying astronomical gas fees in order to trade their NFTs, sending a lot of the new user trading volume towards the Binance Smart Chain network.

This EIP is another fix stepping in the right direction to rendering Ethereum usable in terms of DEXs & DApps.

Please view my related idea of calling out the bottom out along the $2,022 support level . Thank you all !!!

As always please do your own research, I am not a financial advisor.

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