ETH back in zone above .382 FIb retracement level from May 21
Updated
Ethereum has recovered back above the .382 Fib retracement level originally drawn from the MAY 2021 crash. This has proven to be an important level in the past, and most likely will trade sideways in between the .382 and the .5 (Dows theory) level as it did in SEPT. 2021, assuming it is able to hold above $2821. Assuming that it does, I see a retracement track towards the all important .618!
*Personally this marks a trend reversal, as we have now made consecutive lower highs and higher lows as we reverse from the local downtrend. OF COURSE this is all dependent upon the Macro (BITCOIN) and its trend. If BITCOIN can hold the level above 40k this is VERY positive for ETH and its future in the near term.
1st Target: $3125
2nd Target: $3428
3rd Target: $3500+++
This is just MY OPINION, but is based in TA. If you agree please LIKE THIS POST, and FOLLOW for future ideas and Technical Analysis.
THANK YOU FOR VIEWING :-)
*Personally this marks a trend reversal, as we have now made consecutive lower highs and higher lows as we reverse from the local downtrend. OF COURSE this is all dependent upon the Macro (BITCOIN) and its trend. If BITCOIN can hold the level above 40k this is VERY positive for ETH and its future in the near term.
1st Target: $3125
2nd Target: $3428
3rd Target: $3500+++
This is just MY OPINION, but is based in TA. If you agree please LIKE THIS POST, and FOLLOW for future ideas and Technical Analysis.
THANK YOU FOR VIEWING :-)
Note
As you can see, we are approaching the "1st target" I mentioned.This area may service as a light resistance, but if we are able to successfully break through this point our next stop should be in the range between $3200-3400, with the very important, and more stubborn resistance, .618 retracement at $3428.
Keep following along with this and please LIKE and FOLLOW for more updates on CRYPTO and TECH STOCKS!
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