Keep an eye out for reversal levels. I personally do not see a 640 break on Ethereum, but if it does fail, we may drop to lower 500s unforunately.
At this point in time, I do not like what I see, but I do expect a reversal soon.
I did post a chart recently expecting Ethereum to rally soon. I may have to think twice about that although it is still possible of pulling through.
The recent low of 640 needs to hold and we are sitting barely over it right now.
Lot of bearish traders right now. But have no fear, their bear flag targets (and bull flag targets) rarely get hit and they have been incorrect many times before.
It is difficult to be bullish in a situation like this, so keep that in mind.
Key levels - Description (copying what's on chart)
~640 - Green Parabolic Support.
515 - 0.786 Fib level / Trace.
Yellow Trend Line
400 - Key support level.
266 - If above support levels fail. (unlikely, but nothing is impossible).
I still think Ethereum is a good long term hold.
Lastly, this is not financial advice.
Thanks for viewing and good luck to you.
At this point in time, I do not like what I see, but I do expect a reversal soon.
I did post a chart recently expecting Ethereum to rally soon. I may have to think twice about that although it is still possible of pulling through.
The recent low of 640 needs to hold and we are sitting barely over it right now.
Lot of bearish traders right now. But have no fear, their bear flag targets (and bull flag targets) rarely get hit and they have been incorrect many times before.
It is difficult to be bullish in a situation like this, so keep that in mind.
Key levels - Description (copying what's on chart)
~640 - Green Parabolic Support.
515 - 0.786 Fib level / Trace.
Yellow Trend Line
400 - Key support level.
266 - If above support levels fail. (unlikely, but nothing is impossible).
I still think Ethereum is a good long term hold.
Lastly, this is not financial advice.
Thanks for viewing and good luck to you.