Ethereum opens at $3.6K and goes down around to $3.3K and stable around $3.4K. The average transaction fee is $22.25 which is 31.77% decrease from 05-15-21. Ideally, gas fee should below $10 and build up for another raise toward $4.3K since it has reached my target at $4.2K.
Ethereum is strong support at around $2.2K as my analysis yesterday.
It is slowly grind up and toward $4.3K after reach $4.2K 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 and continue to be expensive. The valuation itself is heavy that buyers scare to buy and sellers takes profits. Until then, price correction is likely continue.
Gas fee is astonishing high and network has jammed! I suspected investors are swapping into Stablecoin, Ethereum 2.0 and other altcoins from Ethereum to hedge turbulence! It seems only Ethereum is heading corrections and it has hard time to adjust its valuation when inflation shoot up! However, if Ethereum can survive at $3K, it will flip Bitcoin and make a history from here!
Ethereum decreases its correlation with S&P 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 $2.2k 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!
