ETH/USD V-Shape Recovery Stalls Ahead of May High
ETH/USD appears to be stuck in a narrow range after registering a fresh monthly high ($1936) during the previous week.
ETH/USD Outlook
The V-shape recovery in ETH/USD appears to have stalled ahead of the May high ($2000) as it snaps the series of higher highs and lows from the monthly low ($1623), and failure to close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region may push Ethereum back below the 50-Day SMA ($1837).
A break/close below $1699 (38.2% Fibonacci retracement) brings the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) area back on the radar, but ETH/USD may face range bound conditions as the moving average no longer reflects a positive slope.
Need a move above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region to bring the May high ($2000) back on the radar.
--- Written by David Song, Strategist
ETH/USD Outlook
The V-shape recovery in ETH/USD appears to have stalled ahead of the May high ($2000) as it snaps the series of higher highs and lows from the monthly low ($1623), and failure to close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region may push Ethereum back below the 50-Day SMA ($1837).
A break/close below $1699 (38.2% Fibonacci retracement) brings the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) area back on the radar, but ETH/USD may face range bound conditions as the moving average no longer reflects a positive slope.
Need a move above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region to bring the May high ($2000) back on the radar.
--- Written by David Song, Strategist
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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.