EuroMotif

ETHUSD hit targets: Ethereum retrace watch for rentry zones

COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETH hit my targets for last long entries and even went to the ''bonus'' area.

Now it looks like a correction is starting.
If so, it should decline pretty soon here.
Of course, it is very bullish right now and may just keep going up until the Constantinople fork.
New higher high would invalidate this plan.


Background:

My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Now it looks to have topped for now, so am watching the retrace again with the current plan above
Jan 03
Comment: Retrace on track thus far that first support zone still looks plausible, waiting to see what happens at the 2.382
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Jan 03
Comment: the 2.382 mentioned above broke, next up the 3.382
Jan 03
Comment: That 2.382 has now confirmed it's relevance, and thus added to the relevance of the this blue fib series
Jan 03
Comment: ETH bounced out of nowhere not sure what to make of it, other than suspicion of the bounce being a bottom. But watching closely, it did come very close to the support zone.

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Jan 03
Comment: ETH at 146 still looking good for possible buy in
Jan 03
Comment: ETH still on the road map alreay plotted. come on bears, keep it up!

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Jan 03
Comment: Here we GO, time to watch VERY closely
Jan 03
Comment: Nice! good bounce near top of support zone, filled some limit buys. But still expecting test of the lower boundary
Jan 03
Comment: Here we are, at an important fib. the 3.382 under attack
Jan 03
Comment: ETH nice! an EXACT bounce from the fib zone expected lets see if it holds ....

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Jan 03
Comment: 1min plost lol, but that confirmation of the 1.618 is a great sign
Jan 03
Comment: Decent bounce off top of zone after bounce from bottom of same zone Bull need to reach that blue 2.618 quickly to confirm strength
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Jan 03
Comment: ETH following the the fib / ew plan nicely, but 150 will be key/big resistance , with a test coming at the blue 2.618
Jan 03
Comment: Blue fib proven valid again by the resistance at the 2.618
Jan 03
Comment: Nice! 2.618 broken with strength. 150 seems very very likely
Jan 03
Comment: Here comes the retest of the 2.618. I am hoping not just for a hold but a strong bonce off it
Jan 03
Comment: I am falling asleep in chair, so this is my last update for a few hours: bulls need to break 156.88, to attack the next resistance zones in red I think 177 is very plausible in next day or so... will be back as soon as I can with more...
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Jan 03
Comment: Bounce was cut short by Bitcoin dumping. Here is what we have as continuation of pics above looks like $150 round was too much resistance, did not reach the anticipated 4.236

To evaluate this move, this Fib series locked in right away so we have this ''Frequency'' in the smallest tf but also the latest tf.

Zooming back out a bit and EUREKA the 7.618 of this micro fib snaps onto previous fib zone PERFECTLY,.

BUT zooming out a bit more, and with the green fib of move up looks like that one still has significant influence. So it is possible that the green 2.383 (a common retrace of a 4.236 wave) along with the blue 6.618 noted in above pic, MAY have been the bounce point. But needless to say if price visits the 143 zone, it is again a buy.

Overall, the significant bounce above the second defense zone is a good sign. Will update further after I fully wake up :)
Jan 03
Comment: Looks like bulls have retaken the original first support zone. And even the retest looks good. Am watching closely here
Jan 03
Comment: Closeup inspection shows a clear Impulse wave that ended at the 4.236, after confirming each key level
Jan 03
Comment: After evaluating the above charts, I am seriously worried about another leg down to sub 140, per this plot
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Comments

wayy too many updates. focus on the longer term trend peeps. see my latest updates here.

+1 Reply
A nice pump
If we break 156

May be ready for the next level !????
Reply
@meveme, yeah, break of 156 would be huge. But right now 152 is the danger price, the structure looks like it might take a significant dip yet so I plotted a new Idea to watch that possibility, here
Reply
@meveme, ETH is forking so i assume pump and break of $156
Reply
meveme Genuinekid
@Genuinekid, that’s exactly what I think
Got out at 151

Waiting for re entry

Cheers
Reply
Great analysis, check out my latest take on ETH.

Reply
Good stuff, keep up the great work mate!
Reply
very good
Reply
Very nice
Reply
Excellent calls and follow up

Cheers :))
Reply
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