Ethereum remains weak under the 205.50 resistance as stochastic moves downwards to the oversold area. If the selling pressure continues, the next support is at 195. We will follow a bearish scenario under 195, targeting 184.80. On the other hand, our scenario will turn bullish if we see a break above 205.50. In this scenaio initial target is 220 resistance level.
Nice idea on ETHUSD and there may be potential gains as you have identified by going long. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 188.15. It is horizontal swing low support, 100%, 61.8% Fibonacci extension and a 76.4% Fibonacci retracement. Stochastic is approaching resistance at 3.49% and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 221.22 resistance level which coincides with your bullish take profit level. It is a horizontal overlap resistance, 61.8% Fibonacci extension and a 50% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.