Technical Analysis
Ethereum opens at $1.4K and goes flat around to $1.4K and stable around $1.5K. The average transaction fee is $10.58 which is 22.02% decrease from 02-28-21. Ideally, gas fee should below $10 and build up for another raise toward $2K.
Ethereum is strong support at around $1.3K as my analysis yesterday.
It is slowly grind up and toward $2.1K after reach $2K and short term correction may come since its valuation is high in my opinion. The valuation is around $1.44K. You can reference my method here. Healthy correction is needed for the market. Gas fee is extremely expensive!
Ethereum decreases its correlation with Dollar indicates that it becomes a neutral position ???. The price may fluctuate less in the coming day with price toward mid-level. However, it was relatively stable.
I remain my floor price to $1.3k indicates the strong support and remain the ceiling price at $1.7k.
As today, Ethereum Value = $1.3k ~ $1.7k and my position is Long.
Ethereum price is continuing stable and back to $1.5K with reasonable gas fees!
Here are some highlights to support my analysis:
Here is the road map for today:
Most Bullish News ??
Smart contracts continues evolving
It indicates that Ethereum may continue raising more after improvement.
Most Bearish News ??
Ethereum gas fee is an enemy
It indicates that Ethereum may face correction later with exceed transaction fees.
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Here are summary of general forecast of this week of economy and market:
Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
------------------------------------------------------------------------------------Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below ????:
Should you have any questions or concerns, please reach out to me ??.
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You can reference my previous monthly Bitcoin and Ethereum analysis here ????:
???? January 2021 Technical Analysis Summary ????
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You can reference my previous daily Bitcoin analysis here ????:
Bitcoin Technical Analysis 02-01-21??
Bitcoin Technical Analysis 02-02-21??
Bitcoin Technical Analysis 02-03-21??
Bitcoin Technical Analysis 02-04-21??
Bitcoin Technical Analysis 02-05-21??
Bitcoin Technical Analysis 02-06-21??
Bitcoin Technical Analysis 02-07-21??
Bitcoin Technical Analysis 02-08-21??
Bitcoin Technical Analysis 02-09-21??
Bitcoin Technical Analysis 02-10-21??
Bitcoin Technical Analysis 02-11-21??
Bitcoin Technical Analysis 02-12-21??
Bitcoin Technical Analysis 02-13-21??
Bitcoin Technical Analysis 02-14-21??
Bitcoin Technical Analysis 02-15-21??
Bitcoin Technical Analysis 02-16-21??
Bitcoin Technical Analysis 02-17-21??
Bitcoin Technical Analysis 02-18-21??
Bitcoin Technical Analysis 02-19-21??
Bitcoin Technical Analysis 02-20-21??
Bitcoin Technical Analysis 02-21-21??
Bitcoin Technical Analysis 02-22-21??
Bitcoin Technical Analysis 02-23-21??
Bitcoin Technical Analysis 02-24-21??
Bitcoin Technical Analysis 02-25-21??
Bitcoin Technical Analysis 02-26-21??
Bitcoin Technical Analysis 02-27-21??
Bitcoin Technical Analysis 02-28-21??
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ????:
Ethereum Technical Analysis 02-01-21??
Ethereum Technical Analysis 02-02-21??
Ethereum Technical Analysis 02-03-21??
Ethereum Technical Analysis 02-04-21??
Ethereum Technical Analysis 02-05-21??
Ethereum Technical Analysis 02-07-21??
Ethereum Technical Analysis 02-08-21??
Ethereum Technical Analysis 02-09-21??
Ethereum Technical Analysis 02-10-21??
Ethereum Technical Analysis 02-11-21??
Ethereum Technical Analysis 02-12-21??
Ethereum Technical Analysis 02-13-21??
Ethereum Technical Analysis 02-14-21??
Ethereum Technical Analysis 02-15-21??
Ethereum Technical Analysis 02-16-21??
Ethereum Technical Analysis 02-17-21??
Ethereum Technical Analysis 02-18-21??
Ethereum Technical Analysis 02-19-21??
Ethereum Technical Analysis 02-20-21??
Ethereum Technical Analysis 02-21-21??
Ethereum Technical Analysis 02-22-21??
Ethereum Technical Analysis 02-23-21??
Ethereum Technical Analysis 02-24-21??
Ethereum Technical Analysis 02-25-21??
Ethereum Technical Analysis 02-26-21??
Ethereum Technical Analysis 02-27-21??
Ethereum Technical Analysis 02-28-21??
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You can reference my previous daily Dogecoin analysis here ????:
Doge Analysis 01-11-21??
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You can reference my previous weekly Cryptomarket forecast analysis here ????:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21????
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21????
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21????
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21????
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21????
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Risk forecast guideline:
Risk Averse means you can use as defense ???
Risk Seeking means you can use as offense ??
Risk Neutral means no decision made and continue seeking opportunities ???
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
