I’m not a big fan of Ethereum like I use to be in the past. Simply because there are better blockchains. With that said, price action is price action. An Ethereum is proving to still be a viable investment (contrary to my original opinion earlier this Spring). It’s clearly in an upward funnel since at least the beginning of this year and it’s currently testing the upper Bollinger Band, which indicates a potential breakout. That MACD hasn’t confirmed this yet, but it’s very tight. If Ethereum breaks that upper Bollinger Band around $2600, it’s likely we see a $3000+ price in the month of May.
A lot of events are happening in May around DeFi, mining and on-chain updates. So there is light at the end of the funnel (pun intended).
In contrast, if we reject the upper Bollinger Band, we’ll first retest the moving average, then the lower Bollinger Band. If we go that low, then you would risk a sub $2k price. However, if this does happen, it could present a buying opportunity if it stays within the year long funnel. That’s how big profits are made in trading. “BUYING” low, and “SELLING” High.