#overview #etherreum #ETH
Ethereum on the Brink of a New Rally?
I anticipate a further decline in Ethereum's price to the 2466.24 level on a daily timeframe. This projection is based on the analysis of the Anchored Volume Profile and trading volume data.
I expect the price to consolidate at this level following the completion of the current correction, which is supported by the analysis of the Anchored Volume Profile and trading volumes.
On a 4-hour timeframe, the 2633.68 level is anticipated to provide robust support after a recent 7% price recovery.
My target price for Ethereum by February-March is approximately $5570.
This target price projection is underpinned by the analysis of the Anchored Volume Profile and trading volumes on a daily timeframe, where the 2633.68 level will serve as a pivotal support.
Alternative Scenario: A breach below the 1985.14 level on a daily chart could signal a deeper correction and a retest of recent lows. This would indicate that the bearish trend remains in place and buyers have yet to regain dominance.
Disclaimer: This forecast is subject to revision in the event of significant shifts in market conditions.
Yesterday evening, I made a trading error by purchasing Ethereum at the 3503.58 level. Consequently, the price continued to decline, resulting in a loss. This experience underscores the importance of discipline and strict adherence to one's trading strategy.
Important: This analysis is provided for informational purposes only and does not constitute financial advice.
Sincerely,
Financial Trader titan
