logo

FX.co ★ Ethereum at key Fibonacci support level.

Ethereum at key Fibonacci support level.

Ethereum is trading around $2,600. Currently we are at an important Fibonacci support level relative to the rise from $2,150 to $3.285. Bulls have a lot of work to do in order to reclaim control of the trend in the short-term.

Ethereum at key Fibonacci support level.

Black lines -Fibonacci retracement

Red line -resistance

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients

Despite the strong bounce from $2,150, technically trend remains bearish as price has not broken above $3,407 which provided the low at $2,150. Will Ethereum form a higher low at $2,600 and start a new upward move? Breaking above the red resistance trend line will be the first bullish sign, if bulls manage to do break it. This will open the way for a move towards $3,725, until then price remains vulnerable to more downside. At 61.8% retracement levels we usually see trend reversals. Will this happen again?

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account