Ethereum: 10 000$ as a Target and My Trading Plan
Ethereum / TetherUS BINANCE:ETHUSDT
There is an opinion that Ethereum can reach 10 000$ in the long term.
The coin has strong fundamental factors and good potential for upward movement from TA. Maybe such a point of view is wrong or maybe not, who knows? Nobody knows the future, and we just need to plan our trades, considering the real picture and exact signals from charts and indicators.
If we look at the daily chart of ETHUSD , what will we see?
First of all, we have to say that the price broke the local downtrend line, which is also the upper line of a triangle pattern . The price has consolidated in the borders of the triangle and the breakout gives us a strong bullish signal in the direction of the main uptrend. Yes, it is a buying opportunity for long-term traders! What’s next?
Second, we have to note that the price reached the resistance zone formed by 2 previous swing highs. I’m talking about the ATH at 2050$ and 1944$ levels. If we get a reversal candlestick pattern, we should be ready to see a pullback toward the broken downtrend line with a retest or a downward movement toward SMAs with 20 and 50 periods. The price action at these points will be good for buying as well. Of course, if the chart gives us interesting bullish setups.
My trading plan for this coin:
– I keep holding my long positions, which I opened between 1600$-1700$. I used bullish setups in the hourly timeframes
– I fixed the part of profit at 1944$ as the price can move downward
– If the price moves downward toward the key reversal points, I will wait for bullish setups and open new long positions
– If the price breaks the resistance and moves above 2050$, I will open new long positions using the breakout signal
– My stop for all long positions is below SMA50 and 1700$
– My main profit target are 2500$ and 3000$
– The part of long positions will have long-term targets at 5000$ and 10 000$.
And what is your trading plan for Ethereum? It will be great if you share it with other members .
Your activity in the comments will motivate me to write about Bitcoin . This market gives us interesting signals as well, and I know what to say.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov