ETHUSD - Weekly Forecast

It's been quite long I don't share something to public. This week, I want to share some of market analysis. Starting with this ETHUSD.

This Cyrptocurrency for the last 1 year under in a long large consolidation range and since March 2020, It has been going up (maybe because people feel not trust fully with regular currency, in which many countries now suffer their economy because of Covid 19), and now already near the long resistance 349.05-380.36. If this resistance can broken out, then ETHUSD will enter a long term bullish and potentially go up higher to 514, then 776.95. It is possible because buyers in control now with strong buying force.

However, I see some taking profit action now in market. The momentum of bulls weaker a bit. Market overheated. So, I will expect a pullback, but not deep. Overall, still it is a normal phase in bullish trend. In fact, it is good because this will offer "second chance" for those people who interested to ride this bullish movement.

So, I still view this ETHUSD has a potentially chance to breakout in near term. This analysis based on the last chart on 31 August 2020 and can change if market gives another proof that against the situation that exist on that 31 August 2020.

Good luck and happy trading.

Stay blessed
Jee