ETH/USD V-Shape Recovery Stalls Ahead of May High
ETH/USD appears to be stuck in a narrow range after registering a fresh monthly high ($1936) during the previous week.
ETH/USD Outlook
The V-shape recovery in ETH/USD appears to have stalled ahead of the May high ($2000) as it snaps the series of higher highs and lows from the monthly low ($1623), and failure to close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region may push Ethereum back below the 50-Day SMA ($1837).
A break/close below $1699 (38.2% Fibonacci retracement) brings the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) area back on the radar, but ETH/USD may face range bound conditions as the moving average no longer reflects a positive slope.
Need a move above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region to bring the May high ($2000) back on the radar.
--- Written by David Song, Strategist
ETH/USD Outlook
The V-shape recovery in ETH/USD appears to have stalled ahead of the May high ($2000) as it snaps the series of higher highs and lows from the monthly low ($1623), and failure to close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region may push Ethereum back below the 50-Day SMA ($1837).
A break/close below $1699 (38.2% Fibonacci retracement) brings the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) area back on the radar, but ETH/USD may face range bound conditions as the moving average no longer reflects a positive slope.
Need a move above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region to bring the May high ($2000) back on the radar.
--- Written by David Song, Strategist
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