In our last Ethereum post, we were shorting from around the 3600 level to the 2900 level. Price did exactly that and dropped 20%!
We are now looking for a pullback back to the fibonacci levels indicated. If we can break above the 3400, we may see a bullish recovery. However, it is likely that ETH will continue its downtrend and the best place to get in would be the rejection of the 3400 structure and fibonacci level.
In the mean time, we can buy for the short term back up to 3400. Please be careful with your long trades as this is a countertrend move.
See linked chart for our previous Ethereum analysis.
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We are now looking for a pullback back to the fibonacci levels indicated. If we can break above the 3400, we may see a bullish recovery. However, it is likely that ETH will continue its downtrend and the best place to get in would be the rejection of the 3400 structure and fibonacci level.
In the mean time, we can buy for the short term back up to 3400. Please be careful with your long trades as this is a countertrend move.
See linked chart for our previous Ethereum analysis.
If you're enjoying these analysis, like this post and comment what you want us to share next!
