Short
Potential 5% Day Trade on Ethereum
Currently Ethereum is battling the $2630 resistance. There was a lot of buying activity that caused the price to go up relatively swiftly. I do not believe that that resistance will be broken, as the people who bought it at that price and higher later saw its decrease and will now be selling to avoid losses. This is also talking into account the bearish trend that we have seen lately. The price has been very volatile and I expect buyers to be very careful now, as they are expecting the price to decrease again.
After the selloff, I expect the price to drop back to $2470, where it will find support. This was an area with a lot of activity in the past, and I expect buyers to come in and buy. This will push the price to around $2590, which was support and resistance recently or to $2566, as suggested by the 38.2% Fibonacci (we are speaking of hourly close price. I still expect it to go higher over the course of an hour).
This prediction also gets support from a Fibonacci Retracement, using the recent prices of $2300 as the swing low and $2730 as swing high. This was as significant price increase over the course of a day and I fully expect a correction. 61.8% would precisely be the $2470 support.
After the selloff, I expect the price to drop back to $2470, where it will find support. This was an area with a lot of activity in the past, and I expect buyers to come in and buy. This will push the price to around $2590, which was support and resistance recently or to $2566, as suggested by the 38.2% Fibonacci (we are speaking of hourly close price. I still expect it to go higher over the course of an hour).
This prediction also gets support from a Fibonacci Retracement, using the recent prices of $2300 as the swing low and $2730 as swing high. This was as significant price increase over the course of a day and I fully expect a correction. 61.8% would precisely be the $2470 support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.