ETH → Strong both fundamentally and technically
Updated
ETHUSD reacted more violently than BTC to the long-awaited btc-etf news. But why? The price tested the high at 2717 and formed a false breakout, leading to a correction amid bitcoin's decline. ETH technically looks stronger than
BTCUSD . We can judge from the chart and strong bullish momentum and not a big pullback. The reason for this is the expectation of bids for the spot ETH-ETF. The chances that these applications will be approved by the SEC have increased after their extreme positive decision towards the flagship cryptocurrency market. Technically, ETH is forming a false breakout of 2650 resistance and forming a correction. Since the price is trading within the ascending price channel, the target in our case could be the support area: 0.5 fibo (2447 level), or even 0.618 fibo (2383 area). The moving averages on W1 indicate a strong accumulation that may move into the distribution phase.
Resistance levels: 2650, 2540, 2586
Support levels: 0.382 fibo, 0.5 fibo, 0.618 fibo
Fundamentally and technically, ETH looks good to continue to grow in the medium term, which may start after the retest of the support area
Regards R. Linda!
Note
At the moment the rebound from 0.382 fibo is formed, but it doesn't mean anything. In order to confirm further growth, the price must consolidate above 2650 or form a false break of trend support - these are nuances from a technical point of view.
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