Green lines- Fibonacci retracements
In our previous analysis on Ethereum when price was trading above $1,600, we warned traders that price was vulnerable to a pull back. Our first and minimum pull back target was at $1,490, while today’s lows are at $1,503. Ethereum remains vulnerable to a move lower as price is under pressure. The 38% Fibonacci retracement at $1,480 is our next support. A break below this level will lead Ethereum lower towards $1,370 and the 61.8% retracement level. Resistance remains key at today’s highs. Today’s daily candlestick provided a higher high relative to yesterday’s session, but price is also trading now well below yesterday’s lows. This price action is bearish and more weakness in Ethereum should be expected.
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