What happened back in 2017 might occur again in the next few months of 2021, with ETH touching the $13,000 mark. The 2017 fractal indicator has 4 major technical aspects that boosted the ETH cost up to 7000% back then. The 2021 growth is influenced by those 4 indicators too.
What is ETH fractal 2017?
2017 had 4 technical factors namely, Relative Strength Index, Stochastic RSI, Fibonacci retracement level, and Bullish Hammer. The 2017 December chart on monthly Ether assessment indicated the Bullish Hammer’s presence. This was followed by progressive price growth in ETH to 7000% for the next half year. This Bullish Hammer factor influenced major push to the monthly RSI to a great extent. It resulted in the movement of cryptocurrency on both sides to balance the excessive bullish factors and therefore the RSI began to get lower.
Along with that the Stochastic RSI indicator for monthly Ether also started to get lower. It happened so after the cryptocurrency was overbought (80 above reading). The Stochastic RSI in the month of November 2017 was extraordinary. The price range, defined by the %K line compares the lowest value of an asset and the highest value of an asset. The %D line was crossed above by the %K line. The value of Stochastic RSI was more than 20 at this time which influenced Ether’s growth hopes.
What does 2021 hold for the Ether?
The 2021 last quarter Ether is exactly the shadows from the fractal of 2017. The July month of 2021 had a bullish hammer, indicating a price bottom formed by sellers. The Ether price would rise due to the hammer’s influence with the expected growth of around $13,000. The Stochastic RSI has great potential too. The Ether charts in the next few months are expected to mirror the 2018 pattern.
