ETH/USDT Expected downtrend breakout happened right at 1st Oct.

Intro:
- Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- The main issue is the scalability and therefore the transaction fees which are way to high at this stage.
- Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.


Daily chart:
- Price shows a breakout out of the falling wedge/downtrend and keeps getting higher. From last chart we suggested to enter around 2900$ and congratulate you if you did so.
- Volume keeps decreasing and is very low for such a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows a breakout as well. We see that the 35 line did hold again and the RSI passed the 50line.
- Support lines are at 2800$, 1750$ and 1350$. The ascending yellow line can act as support as well.
- Resistance lines are at 3500$, 3950AND 4150$.


Expectation:
- We expect a further price appreciation over the next three months with some consolidation phases.
A first consolidation under the 3550$ line seems reasonable and a struggle in the 3950-4150$ range more than plausible.
- More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.
- End of the year prediction: We will see a 10k$+ Ethereum before the end of 2021.


Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
breakoutbullrunETHEthereum (Cryptocurrency)ETHUSDTMoving AveragesnewalltimehighrecoverysupplyshockSupport and ResistanceVolume

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