Hi my friends, hopefully, everybody of you is doing well in these volatile times we are facing today and welcome to this update-analysis about ETHEREUMS price-action, we are looking at the daily chart and as I told you in recent analysis about ETHEREUM the possibility is given that we are approach higher from the 78.6 % retracement to the 61.8 %Fibonacci-resistance this is exactly the scenario which occurred the last days, I highly recommend that you watch this analysis and will add the chart here so you have a full-overview about my concern for the ETHEREUM price-movement:
For now, we have a similar situation as seen before but there are some details which remain different, we are approaching the 61.8 % Fibonacci-resistance which is a highly important resistance for the further outcome of ETHEREUM, for now, it is more important than the 78.6 % Fibonacci-resistance. As you can see in the chart before we approached the 78.6 % Fibonacci-resistance and after that higher, we had a healthy correction which holds for some days before catapulting ETHEREUM above the resistance. At the moment I am expecting an equal correction but stronger as you can see it marked in the chart in the meaningful equilibrium range.
At the moment the correction is the more likely and possible scenario than an immediate continuation of the bullish trend. When the less likely scenario happens otherwise and the trend continues immediately we have the next important resistance between 218 and 237 as you can see it in the chart but for now, that scenario is not highly possible because the price weakens at the moment and we have significant resistance-levels above us. After the correction occurred we can talk about a possible continuation of the bullish trend, what is important in this scenario is that we remain in the equilibrium range because when we fall below the 78.6 % Fibonacci that would not only cause an important break of resistance but also a shift from neutral to bearish. Therefore we have to keep this scenario in mind and look for more signs after the correction occurred.
Great this should give you a good overview of ETHEREUMS current price-action, thanks for watching, feel free to support, all the best and have a good day! The ambition to transform opportunities into gold remains the most significant tool for a trader! In this manner FAREWELL
Information provided is only educational and should not be used to take action in the markets.
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ANALYSIS UPDATE: ETHEREUM had the ability to increase with strong bullishness above the remaining resistance to stabilize bullish movements.
Since ETHEREUM stabilized above the zone it continued with further determinations into the direction.