Ethereum Technical Analysis 05-09-21

Ethereum opens at $3.8K and goes down around to $3.7K and stable around $3.8K. The average transaction fee is $29.81 which is 106.01% increase from 05-08-21. Ideally, gas fee should below $10 and build up for another raise toward $4.0K since it has reached my target at $3.9K.

Ethereum is strong support at around $2.2K as my analysis yesterday.

It is slowly grind up and toward $4.0K after reach $3.9K at all time high and short term correction may come since its valuation is high in my opinion. The valuation is around $2.0K. You can reference my method here. Gas fee is shoot up due to large value transaction in one day.

Ethereum decreases its correlation with Gold indicates that it becomes a neutral position 👁️. The price may fluctuate less in the coming day with price toward mid-level.

I raise my floor price to $2.2k indicates the strong support and remain the ceiling price at $3.0k.

As today, Ethereum Value = $2.2k ~ $3.0k and my position is Long.

Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

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