What is going on with Etherium these days? Despite some nice moves on some major alts such as EOS and IOTA, Etherium remains...err, kinda dead! Down over 6% on the week. Could that be about to change?
On the chart I've drawn some significant Fibonacci levels of where we can look for signs of reversal.
The green levels are calculated from the 1-19 Feb move. The yellow levels are from the 1 Feb to 31 Mar move.
We can see where these levels have been respected previously and price has bounced.
Also by zooming out you can see the blue dating back to last year, which would be a good area to find support. This level is somewhat confluent with the fibbo levels between 0.038-0.036. This is an area to watch, however at the moment, I'm just not seeing any convincing price action to suggest a price reversal.
I want to see price hold and show some clear reversal signs before entering long.
If the doesn't hold, then Etherium could be heading lower towards 0.026-0.025.
What are your thoughts on why Etherium is feeling unloved? Perhaps because some of the major projects who were running on the ETH network have now moved on to their own mainnets? I'd love to hear your thoughts?
Price rejected that level and we have a nice large green candle indicating that traders have acknowledged this level.
Price crashed below the trendline and is currently testing the lower blue trendline. I doubt this will hold and looks like the bears are just taking a breather with a small retracement. I suspect that there will be a further drop coming later taking price down to the 0.026 - 0.025 level marked on the chart.