The Long Investor

$ETH

Added 2024-11-08 11:33:05 +0000 UTC

Two points to make here:

1. We are now at the 200 Day MA, with a very bullish wedge breakout and moving in Wave 3

2. The weekly chart is very important for $ETH too, as it was respecting the 200 WMA for the last 2 years...and the price is now above the 50 WMA right now.

Both are positive developments and quite clearly on the chart the price is moving as we'd like.

I believe we are subwave 3 of wave 3 here now, I would like the 200 Day MA to be flipped to support and retested to give us Subwave 4 before going higher to complete Wave 3 at the 1.618 Fib at $3320.

But the 200 Day MA is an important moving average, it effectively tells you if the trend is bullish or bearish, depending on where the price is, above or below this MA.....so we can not rule out a pull back first before making an attempt to break above this MA

For now, we do not have to do anything, we should be fully deployed here and now letting the price action work for u.

I have no more buys planned for $ETH, as I added heavy in the accumulation phase of Wave 2.