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ETH has a lift off on the way to the moon by julianhorack

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· @julianhorack ·
$3.61
ETH has a lift off on the way to the moon
In true legendary fashion, Ethereum has finally joined the moonshot team and has just had a massive pump to the upside. From the swing low on 1 January, price has pumped over 60% in just three days. It looks like ETH’s time has come to join BTC on their bull run of the year.
![ETH bull season opens 4Jan2021.png](https://images.hive.blog/DQmVsxmVj1n5bfEBRXHYAajrHdyhM4dVMvFR2cozhDBW5fq/ETH%20bull%20season%20opens%204Jan2021.png)
As of writing we can see that ETH made a sudden spike and then topped out with a “shooting star” candle on the 4 hour chart. This is a bearish indicator and it was accordingly followed up by a significant correction to the downside. 

If we draw our Fibonacci retracement from the swing low of 1 January, at $714.50, all the way up to the recent high at $1169 (on Coinbase ETH/USD pair) we can see that price has retraced to our favorite 0.618 level. There it found perfect support. This is also natural, since it happens to be the 13 EMA on the 4 hour chart. I personally prefer to use the 13 and 21 instead of the 10 and 20 MA, since they are Fibonacci levels. 

ETH price is pushing back up from this support, but we will have to keep an eye on developments now, as it looks like the time has come for BTC to have it’s long awaited retrace and correction. Once BTC consolidates or stabilizes in price, ETH and the alts could have their turn to be the flavor of the season. 

ETH is showing massive volume, which is a very good sign. Even ETH/BTC is pumping massively now, if traders are looking for possible gains. The train has already left the station, of course, if you are a day trader, so it’s up to you where you wish to place your entries or long positions. 

Nevertheless, now would still be a good time to go long on ETH, just after this nice retrace after the initial pump. The 0.618 on the 4 hour chart has held nicely as support, so we are in the next leg of the uptrend. The trend is your friend, and at the moment it is bullish.

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vote details (243)
@onealfa.leo ·
$0.02
OK, here are my rough expectations  (Not a financial advice!) :

https://i.imgur.com/nWxF521.png

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vote details (1)
@julianhorack ·
Very nice.

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