Technical analysis by ryancao about Symbol ETH: Buy recommendation (5/8/2023)

Red Pill or Blue Pill? ETH's Path to $20K Based on recent market trends, ETH has nearly doubled since its rebound from the bottom. Currently trading below a key resistance level, the question arises - what's next for ETH - Red pill/line: ETH breaks through the $2k resistance level, paving the way for a significant bull run. - Blue pill/line: ETH retests the $1k support level, followed by a continuation of the 2020 market trend. Aside from Layer 2 (L2) solutions and meme-driven narratives, there is no new major story in the market. The Federal Reserve's interest rate decision remains uncertain, and selling pressure from staked ETH adds to the mix. Considering these factors, I believe the blue scenario has a higher likelihood of playing out. TO DA MOOOOOOON!!! NOTE: Investors should always conduct thorough research and consider their risk tolerance before making any investment decisions. This analysis is for educational and informational purposes only and should not be construed as financial investment advice.