Will this fractal help the ETH price go up 7,000% like it did in 2017?
ETH price could soar to $ 13,000 in the next 2 months if history repeats itself.
This forecast is derived from fractals (patterns that repeat themselves every now and then) from 2017 that contain at least four technical patterns that helped drive ETH price up more than 7,000%. The same bullish indicators will reappear in 2021 when ETH trades above $ 3,350 after a more than 360% rally since the start of the year.
Fractals ETH year 2017
The four technical indicators include the stochastic RSI, the relative strength index (RSI), the bullish hammer and the Fibonacci retracement. The fractal began with the appearance of a bullish hammer on the ETH monthly chart in December 2017 and was followed by a 7,000% rally over the next 6 months.
The strong rebound, led by a hammer, has pushed ETH’s monthly RSI above 94, an overbought zone. As a result, the price began to consolidate sideways to neutralize the over-optimistic sentiment. The RSI also gradually corrected to the downside.
In parallel, ETH’s monthly stochastic RSI (which compares closing prices with price ranges over a period of time) also began to correct down after identifying the second largest cryptocurrency in the market is oversold).
F.ractal of the ETH 2017 | The source: TradingView.com, Jaydee_757
In November 2017, the Stochastic RSI turned bullish with the% K line (in blue – compare the lows and highs of an asset to determine the price range) above the% D line (in color), gold – being the moving average of% K). Meanwhile, at the time of the flip, the stochastic RSI was above 20, which raised hopes for a continuation of the ETH price.
Next, ETH rose another 500%, closing above $ 1,200 in January 2018. At this point, the RSI also formed a double top, as can be seen in the graph above. The entire bottom-up process takes place within an ascending channel area with the 23.6% Fibonacci retracement level acting as support / resistance.
F.Raktal in 2021 repeat until now
ETH roughly mirrors the movements of the 2017 fractal when it enters the final quarter of 2021, albeit not okay.
In particular, after 16 months, the price rose 3,400% to over $ 4,300. The stochastic RSI made a bullish crossover (the% K line rose above the% D line). In the meantime, the massive upward movement has pushed ETH’s monthly RSI back into the overbought territory.
Fractal of ETH year 2017 vs. 2021| Source: TradingView.com, Jaydee_757
This was followed by a period of consolidation, with ETH generating a bullish hammer candlestick pattern in July 2021, suggesting that the sellers had bottomed out.
The analyst Jaydee_757 was the first to discover the ETH fractal emphasize The potential for this hammer to push the price up, with the main upside target near the 2,618 Fib line (around $ 13,000).
The bullish fractals also target a potential bullish stochastic RSI crossover and an RSI double top waiting to appear on the monthly chart in the “next few months”, similar to the chart of the 500% house run in 2018. Above.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Cointelegraph