A long-term analysis of Ethereum observed from today, Wednesday, November 29, 2023, reveals certain levels of importance that could influence its future trajectory.
By observing the historical behavior of the asset, we can detail how large investors are working various structures within the price, from the abrupt minimum around $1,070, which occurred during the month of June of the year. 2022.
Prior to that last minimum, from January 2022 to April 2022, significant sale zones can be identified in the price range of $2,500 and $3,500.
These levels, which once represented strong selling, are now attractive to investors considering long-term investment strategies.
Currently, Ethereum (ETH) stands at a value of $2,055, showing an increase of 1.65% in the last day, according to official data from CoinMarketCap.
With a market capitalization of approximately $247 Billion, Ethereum remains firmly in the #2 position among cryptocurrencies by capitalization.
Will Santa arrive with the Christmas rally to Ethereum?
According to a Fibonacci extension drawn since June 2022, possible future objectives are proposed in this analysis, in case a Christmas Rally is unleashed in ETH: $2,300, $2,600 and $3,200 dollars.
These levels could be crucial in watching Ethereum’s long-term trend develop.
It is important to consider the speed of development with some trendlines, which provide us with valuable information about the direction and strength of the price trend.
These trend lines, along with the aforementioned Fibonacci levels, can offer essential guidance for investors looking to identify potential areas of interest (POI) to both enter and exit the market smoothly.
The combination of historical sell levels and current markers based on Fibonacci and trendlines suggests that Ethereum has interesting potential in terms of price levels.
The $2,500 to $3,500 represents a key area that has proven attractive in the past. Likewise, the future objectives posed by the Fibonacci sequence offer optimistic prospects for long-term investors.
In the crypto market, the dynamics between Ethereum and Bitcoin are crucial to understanding the evolution of their price levels.
Should Bitcoin make a major advance in the near term, Ethereum will likely be driven higher, possibly reaching previously mentioned targets such as $2,500 to $3,500.
However, the interconnection between both assets works in both directions.
If Bitcoin retraces or experiences a downward trend, it will likely drag Ethereum down with it, driving prices lower.
Technical charts courtesy of TradingView.
Disclaimer: The opinions expressed do not constitute investment advice. If you are looking to make a purchase or investment, we recommend that you always do your research.
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