Ethereum Looks Incredible

Ethereum currently looks incredible as it sets up in a classic looking high tight flag. This is an A+ setup in my experience for a few reasons. First, I love the way Ethereum has held up so well after doubling in price in only eight weeks. The fact that holders are reluctant to sell is a sign that prices are likely to head higher. In addition, the consistent support near the 50-day moving average and tight price action near the 20-day moving average is another sign of strong accumulation.

Furthermore, we are currently entering altcoin season. This is a period of time where altcoins tend to outperform Bitcoin. This typically happens every four years during later part of the post-halving year. As you can see in the chart below, Ethereum rallied sharply in 2021 during this period. I took a position in Ethereum this week as it cleared recent resistance.

Risk right. Sit tight.

Full Disclosure: I currently own Ethereum, Bitcoin, and Solana.

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