EuroMotif

ETHUSD to test 120 before bounce? Ethereum in ABC correction

COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETH and all other crypto's look to have one more leg down before possible uptrend resumption.

The rejection was quite strong, and the price retraced to the .618.
Thus an AB=CD retrace would put the end of C at the -.382 extension.

There is a support zone in 125-126 area, and 125 is a psychological round number.
If bulls can hold 125 then it would be a great sign for other bulls.
Dec 31
Comment: That first resistance (red zone) proving its energy level with two rejections
Dec 31
Comment: Yup, that zone is very relevant. When we get past it, I will be counting on it as a serious support.
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Dec 31
Comment: Possible EW path that could make 125.50 the end of the ABC correction
Jan 01
Comment: ETH approaching a local 4.236, possible end of this little wave up
Jan 01
Comment: ETH definitely noticed the 4.236 if it drops below the 3.618, wave likely done.
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Jan 01
Comment: ETH still going. Next up the 4.618
Jan 01
Comment: Rut Roh. 4.236 was breached briefly, and then rested as resistance the 3.618 is still the line to watch rn
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Jan 01
Comment: ETH definitely paying close attention this fib still which means to me that this is a pretty important move, and the results thereof will be relevant for a while
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Jan 01
Comment: ETH: this 3.618 breach after being unable to reach the 4.618 tells me the 3.326 is bulls' last stand on this wave
Jan 02
Comment: Approaching a possible top here at the 4.236 around 156 slowly closing my longs into that zone.
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Comments

thanks :) EuroMotif
Happy New Year!!!
Reply
interesting analysis thanks :)
Reply
Hi. Thanks for your analysis.

Do you expect same for BTC?
Reply
@buff0n, Hi. Yes, I exepct something similar for BTC but the fibs are not as locked in as they are for ETH right now...
Reply
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