Technical analysis by cy4ne about Symbol ETH: Buy recommendation (4/22/2022)

"Past performance is no guarantee of future results" - We all know this famous phrase...Nonetheless, Ethereum still has a very bright future in the next decade.*Why I'm bullish on Ethereum:*- Every competing "superior" and newer blockchain (Fantom, Avalanche, Harmony, ...) includes EVM (Ethereum Virtual Machine) Compatibilty.- These types of products that are always compared with often have a long future, because they are the golden standard every competing company wants to be (Apple, Bitcoin, Tesla, ...)- Ethereum's transition to PoS will ensure lighter regulation compared to PoW Blockchains in the coming years, where sustainability and net zero emission is a core element of the global agenda.- Bankers & Wallstreet LOVE Ethereum because it is the backbone of every major DeFi Application that replaces traditional Financial Instruments (AAVE - Lending, UMA - Insurance, SNX - Derivatives, UNI -Exchanges, DAI - Stablecoins, LINK - Infrastructure, YFI - Asset Management)- The majority of the Web3 Economy builds upon Ethereum (Metaverses, DAOs)- ERC-721 (NFT's) are revolutionizing the art market.- ERC-1155 is revolutionizing the entire gaming Industry. (Enjin, Axie)- It is completely open source.*Possible bearish scenarios:*- Eth2.0 (if it ACTUALLY ever launches) is completely underwhelming.- Cryptocurrency gets banned in the United States as well.- "Black Swans" (Pandemics, Terrorism, War)- Vitalik Buterin gets caught in money laundering (?) and his holdings will be confiscated by the government.- Satoshi Nakamoto returns from the dead and dumps his entire BTC stack on the market, which will drag Ethereum with it.- Ethereum gets exploited.- Global Internet outage.To wrap it up: I'm bearish in the short term due to the extreme correlation with US Stocks and ETFs. ETH is still completely overbought on the monthly chart.I'm looking at price levels around $1'200, if there is a black swan event, even around $700 is a possibility.I hope you enjoyed my thoughts and analysis on Ethereum. May the fortune be with you :)-CYANEPRETTY MUCH NAILED IT! follow me for future updates on the market!Mind boggling how accurate my more than two year old chart prediction on Ether is! Price target of around $7'500-$8'000 by EOY 2024 still stands.