There has been a very extended range trading going on with ETH/USD. After it fell from $400 resistance area, down to $200, consolidation has started. Ethereum has been trading between $280 support and $340 resistance areas.
Clearly, it found the support at 50% Fibonacci retracement level based at $277. This level has been rejected multiple times indicating that bulls are still dominating. On the 9th of November, after rejecting the support, Ethereum broke above the descending channel and 200 Moving Average.
Fibonacci applied to the corrective waves, after the breakout of the downtrend trendline and descending channel show a strong resistance at $414, which could potentially be one of the first upside targets for Ethereum. Although a close below $277 support will invalidate this outlook.
Clearly, it found the support at 50% Fibonacci retracement level based at $277. This level has been rejected multiple times indicating that bulls are still dominating. On the 9th of November, after rejecting the support, Ethereum broke above the descending channel and 200 Moving Average.
Fibonacci applied to the corrective waves, after the breakout of the downtrend trendline and descending channel show a strong resistance at $414, which could potentially be one of the first upside targets for Ethereum. Although a close below $277 support will invalidate this outlook.
Comment:
First target reached
Comment:
Next target 555
Trade closed: target reached