Will Ethereum rocket to $421.00 or pullback to $246.00 ?
As a follow on from a previous analysis on Ethereum, we can see the 1st target at the rectangular blue box has been hit.
ETH has pierced the fib level at 1.618 on the smaller fib retracement indicator and also the purple trend line shown by the green down arrow.
We will wait to see if today's candle closes above both of these levels. If so, ETH could get to the fib level 3 @ $422.00 based on a theory I have with parabolic curves in past crypto markets.
Was expecting a retrace at the 1.618 fib level ETH just pierced which would be in line with my parabolic curve theory. If ETH doesn't retrace the market usually propels to the 3 fib level without much resistance.
The EMA 55 also just crossed the MA 200 shown by the red up arrow, which is also a bullish indicator.
However, as always we aren't all one way minded and according to my curve (not the best at drawing parabolic curves I must admit) there is room for ETH to retrace back to the curve.
Also, if you look at the RSI, the red horizontal line is usually the peak ETH gets to on this daily chart. ETH has hit this mark or close to it so a pullback is still possible.
Today's candle will reveal which way ETH will go for now.
Happy trading legends!
HTBB
Follow me on twitter or FB if you like.
ETH has pierced the fib level at 1.618 on the smaller fib retracement indicator and also the purple trend line shown by the green down arrow.
We will wait to see if today's candle closes above both of these levels. If so, ETH could get to the fib level 3 @ $422.00 based on a theory I have with parabolic curves in past crypto markets.
Was expecting a retrace at the 1.618 fib level ETH just pierced which would be in line with my parabolic curve theory. If ETH doesn't retrace the market usually propels to the 3 fib level without much resistance.
The EMA 55 also just crossed the MA 200 shown by the red up arrow, which is also a bullish indicator.
However, as always we aren't all one way minded and according to my curve (not the best at drawing parabolic curves I must admit) there is room for ETH to retrace back to the curve.
Also, if you look at the RSI, the red horizontal line is usually the peak ETH gets to on this daily chart. ETH has hit this mark or close to it so a pullback is still possible.
Today's candle will reveal which way ETH will go for now.
Happy trading legends!
HTBB
Follow me on twitter or FB if you like.
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