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Today we look at the Ethereum chart. The flow of money in crypto, first flows into bitcoin, and from there, into the major altcoins. Generally, the altcoins have not really taken off as yet, and as Ether is the biggest alternative coin, now would be the time to be looking for entries to buy the coin.
ETH is about to break out of the daily, descending, resistance trend line that comes from November 2021. A break of this resistance line will be very bullish for ETH, and will provide an entry level, to enter the trade. I would not use 100% of my cash at the breakout, but would rather ladder in my buys, and wait for a retest, which will create an opportunity to buy the rest.
If we do break the trend line, I expect the price to go to around $3,000, and possibly find resistance there, before coming down to confirm the breakout of that trend line.
Take profit area’s will be at the resistance points on the way up, namely $3,300, $3,600 and the important 0.618 Fibonacci retracement, sitting at around $3,800. A suggested stop loss would be under the 4h-hour candle on March 7th at around $2,430.