Ethereum Technical Analysis 05-07-21

Ethereum opens at $3.5K and goes down around to $3.3K and stable around $3.5K. The average transaction fee is $14.03 which is 8.34% increase from 05-06-21. Ideally, gas fee should below $10 and build up for another raise toward $3.7K since it has reached my target at $3.6K.

Ethereum is strong support at around $2.1K as my analysis yesterday.

It is slowly grind up and toward $3.7K after reach $3.6K at all time high and short term correction may come since its valuation is high in my opinion. The valuation is around $1.9K. You can reference my method here. Gas fee is back to normal.

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 remain my floor price to $2.0k indicates the strong support and remain the ceiling price at $3.0k.

As today, Ethereum Value = $2.0k ~ $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!