The token rebounded on the swing trend line at ~ 520$ and reached the lower limit of the existing trend channel.
Therefor it crossed 2 overlapping fib retracements - one 23.6% from the upgoing fib and another 61.8% from the downgoing fib. This level is now an important support.
Actually ETH fight along this line and so it´s still in danger-zone.
RSI is in bullish area but below the trend line, MACD: bearish but rising.
To give a clear positive sign ETH should enter the trend channel.
In this case the next resistance is at 620$ and after this the upper limit of the trend channel.
Using EW a possible short turn at 620$ can happen, followed by a retest of the suppport level.
If ETH falls below support we have to wait for a new attempt. The last low could be tested.
Therefor it crossed 2 overlapping fib retracements - one 23.6% from the upgoing fib and another 61.8% from the downgoing fib. This level is now an important support.
Actually ETH fight along this line and so it´s still in danger-zone.
RSI is in bullish area but below the trend line, MACD: bearish but rising.
To give a clear positive sign ETH should enter the trend channel.
In this case the next resistance is at 620$ and after this the upper limit of the trend channel.
Using EW a possible short turn at 620$ can happen, followed by a retest of the suppport level.
If ETH falls below support we have to wait for a new attempt. The last low could be tested.