Technical Analysis
Ethereum opens at $3.9K and goes down around to $3.6K and stable around $3.8K. The average transaction fee is $27.70 which is 7.08% decrease from 05-09-21. Ideally, gas fee should below $10 and build up for another raise toward $4.2K since it has reached my target at $4.0K.
Ethereum is strong support at around $2.2K as my analysis yesterday.
It is slowly grind up and toward $4.3K after reach $4.2K at all time high and short term correction may come since its valuation is high in my opinion. The valuation is around $2.0K. You can reference my method here. Gas fee is shoot up due to large value transaction in one day and continue to be expensive. The valuation itself is heavy that buyers scare to buy and sellers takes profits. Until then, price correction is likely continue.
Ethereum decreases its correlation with Gold indicates that it becomes a neutral position ???. The price may fluctuate less in the coming day with price toward mid-level.
I raise my floor price to $2.2k indicates the strong support and remain the ceiling price at $3.0k.
As today, Ethereum Value = $2.2k ~ $3.0k and my position is Long.
Here are some highlights to support my analysis:
Current News Summary:
Most Bullish News ??
It indicates that Ethereum may continue raising with more users
Most Bearish News ??
It indicates that Ethereum may face correction due to security issues
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Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
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You can reference my previous monthly Bitcoin and Ethereum analysis here ????:
Note:some links refer at the beginning of next month that include all previous month links of reports
???? January 2021 Technical Analysis Summary ????
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You can reference my previous daily Bitcoin analysis here ????:
Bitcoin Technical Analysis 04-01-21??
Bitcoin Technical Analysis 04-02-21??
Bitcoin Technical Analysis 04-03-21??
Bitcoin Technical Analysis 04-04-21??
Bitcoin Technical Analysis 04-05-21??
Bitcoin Technical Analysis 04-06-21??
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Bitcoin Technical Analysis 05-01-21??
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Bitcoin Technical Analysis 05-07-21??
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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 04-01-21??
Ethereum Technical Analysis 04-02-21??
Ethereum Technical Analysis 04-03-21??
Ethereum Technical Analysis 04-04-21??
Ethereum Technical Analysis 04-05-21??
Ethereum Technical Analysis 04-06-21??
Ethereum Technical Analysis 04-07-21??
Ethereum Technical Analysis 04-08-21??
Ethereum Technical Analysis 04-09-21??
Ethereum Technical Analysis 04-10-21??
Ethereum Technical Analysis 04-11-21??
Ethereum Technical Analysis 04-12-21??
Ethereum Technical Analysis 04-13-21??
Ethereum Technical Analysis 04-14-21??
Ethereum Technical Analysis 04-15-21??
Ethereum Technical Analysis 04-16-21??
Ethereum Technical Analysis 04-17-21??
Ethereum Technical Analysis 04-18-21??
Ethereum Technical Analysis 04-19-21??
Ethereum Technical Analysis 04-20-21??
Ethereum Technical Analysis 04-21-21??
Ethereum Technical Analysis 04-22-21??
Ethereum Technical Analysis 04-23-21??
Ethereum Technical Analysis 04-24-21??
Ethereum Technical Analysis 04-25-21??
Ethereum Technical Analysis 04-26-21??
Ethereum Technical Analysis 04-27-21??
Ethereum Technical Analysis 04-28-21??
Ethereum Technical Analysis 04-29-21??
Ethereum Technical Analysis 04-30-21??
Ethereum Technical Analysis 05-01-21??
Ethereum Technical Analysis 05-02-21??
Ethereum Technical Analysis 05-03-21??
Ethereum Technical Analysis 05-04-21??
Ethereum Technical Analysis 05-05-21??
Ethereum Technical Analysis 05-06-21??
Ethereum Technical Analysis 05-07-21??
Ethereum Technical Analysis 05-08-21??
Ethereum Technical Analysis 05-09-21??
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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????
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Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21????
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Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21????
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21????
Crytomarket Weekly Overview and Forecast 03-12-21 to 03-19-21????
Crytomarket Weekly Overview and Forecast 03-19-21 to 03-26-21????
Crytomarket Weekly Overview and Forecast 03-26-21 to 04-02-21????
Crytomarket Weekly Overview and Forecast 04-02-21 to 04-09-21????
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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 cohttps://www.coindesk.com/price/bitcoinmpensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
