Technical analysis by Abdihalim1 about Symbol ETH: Sell recommendation (12/28/2024)

Alright, let's talk about what I see coming for Ethereum. I’ve been deep-diving into these charts, especially that weekly one where I’ve highlighted the past moves and percentages. I'm using these patterns as a guide to try and anticipate where Ethereum is heading next. I'm going to set aside any kind of trading advice, and focus on what I see the market doing next.Key Observations From Past CyclesLooking at Ethereum's history, I’m seeing a pretty clear cycle of large price swings:Massive Rallies: Ethereum has a history of powerful bull runs, where the price can surge by hundreds, or even thousands of percent. I need to be aware of these to understand the potential of the coin.Substantial Corrections: These rallies are always followed by substantial corrections, which range from about 30%, to upwards of 80%. This is important to see as any retracement can be devastating to a trader.My Prediction For The Next Move:Based on those historical patterns, here’s what I see as the most probable outcome for Ethereum's next move:Anticipated Retracement: I’m expecting a retracement, or a pullback following the recent gains. Ethereum tends to make large retracements after a period of growth, and I am anticipating this will happen again soon. I want to see the price find a solid level of support, as this will be important to the next move up. Based on historical price action, I expect the next support levels to be somewhere around $2000 to $2500.The Next Upside Move: After that pullback, I anticipate a strong upside move.The magnitude of this move is unclear, but the data on the chart shows we could be looking at a move upwards of 100%, and maybe even more. I want to be watching that very carefully when it happens.