I hope that you understand!
Let’s analyze ETH from a cyclical point of view with the “Sine Line”. As can be clearly seen, ETH is following a cycle of rises and falls that goes from 6 months to 6 months, proportionally increasing its value.
If we follow Fibonacci and ETH continues to stay true to the cycle we should expect a new high in the $ 5200 area in the medium term (which is very likely given ETH’s Marge which will make it much more scalable).
Focusing in a short time we are creating a new channel (yellow), being on weekly TF we will still have to confirm and define the highest high, being only Tuesday, but we can confirm the low at 2500 $ in this channel in the demand pool. .
If we confirm to the upside this week, I personally expect a physiological retracement from $ 3300 to $ 3050, excellent support retested several times and also supported by the 30-period moving average, and then continue to the upside excluding strong bearish news. .
What do you think about it?