Ethereum upleg to 3200, further push of ETH to 3420 likely
How did Ethereum perform last week? (Follow the orange-numbered guide)
ETH price validated a prior hammer (1), that formed following the break of the lows from the week ending 20 September (2), and surpassed a key 23.6% Fibonacci resistance level around 2800 (3).
What can we expect from ETH this week? (Follow the orange-numbered guide)
Amid the neutral bias on the weekly timeframe, the bullish Ethereum price action calls for an upleg to the 38.2% Fibonacci resistance (4) at 3200, as long as the high of the validated hammer (5) at 2724 is maintained.
Pervasive bullishness is likely to see the bulls open a further rise towards to the upper limit zone of the neutral bias (6) between 3420 – 3520.
In the event that the bulls fail to defend the ETH price support at 2724, the bears are likely to take advantage towards the low of the hammer (7) at 2159.
ETH price validated a prior hammer (1), that formed following the break of the lows from the week ending 20 September (2), and surpassed a key 23.6% Fibonacci resistance level around 2800 (3).
What can we expect from ETH this week? (Follow the orange-numbered guide)
Amid the neutral bias on the weekly timeframe, the bullish Ethereum price action calls for an upleg to the 38.2% Fibonacci resistance (4) at 3200, as long as the high of the validated hammer (5) at 2724 is maintained.
Pervasive bullishness is likely to see the bulls open a further rise towards to the upper limit zone of the neutral bias (6) between 3420 – 3520.
In the event that the bulls fail to defend the ETH price support at 2724, the bears are likely to take advantage towards the low of the hammer (7) at 2159.
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