BlocksInform
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. The market needs healthy corrections. Gas 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!
These are some points to support my analysis:
Here is your road map for today:
Many experts believe that the bullish trend will continue through 2018. What's up?
Smart contracts will continue to evolve
As such, it is likely that Ethereum will continue to appreciate after improvement.
Most Bearish What's up?
We are in an enemy's presence with Ethereum gas fees.
A correction to Ethereum is possible later due to higher transaction costs.
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Here are summary of general forecast of this week of economy and market:
Please let me know if you have any suggestions!
Thank you for reading and see you tomorrow!
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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 ????:
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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 ????:
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You can reference my previous daily Dogecoin analysis here ????:
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You can reference my previous weekly Cryptomarket forecast analysis here ????:
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The following risk forecast guideline applies:
There is a risk Averse means you can use as defense ???
There is a risk Seeking means you can use as offense ??
There is a risk Neutral means no decision made and continue seeking opportunities ???
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This is a disclosure: I wrote this article myself, so it is a reflection of my personal views. There is no compensation for this work. None of the companies mentioned in this article have business relationships with me. It is only meant for educational purposes.
