ETH downtrend before bounce.
ETH isn't looking particularly strong here. This upward support line is getting smothered with indecision from the market. Supports that get smothered get broken. I wouldn't be surprised if ETH breaks this support to the downside.
Based on the most recent major move up, you can use fibonacci. On strong charts it is normal for it to retrace to the 0.5 fib and on most charts it falls down to the 0.618 level. These levels are 3760 and 3480.
I'm expecting a slight drop down to the 3480 level soon. It may only touch it for a moment and get bought back up, as it is very common these levels get hit and the 'market bots' begin buying again.
Not a good place for a long position right now.
Based on the most recent major move up, you can use fibonacci. On strong charts it is normal for it to retrace to the 0.5 fib and on most charts it falls down to the 0.618 level. These levels are 3760 and 3480.
I'm expecting a slight drop down to the 3480 level soon. It may only touch it for a moment and get bought back up, as it is very common these levels get hit and the 'market bots' begin buying again.
Not a good place for a long position right now.
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