Hi Traders!
Today we're looking at the biggest representative of altcoins - ETH. Ethereum is very interesting for several reasons. In the community, transition from POW (proof of work) to POS (proof of stake) is now quite a hot topic. This change is also believed to be due to many miners gone mining ETC (Ethereum Classic) and that was the main reason for its graceful increase.
However, Ethereum is also interesting for another reason. It's currently in the channel and we can say it's consolidating on the TOP now. We have identified two main zones where ETH can come:
1.
0.382 Fibonacci retracement, where the bottom edge of the channel and even strong support is. Many other altcoins have crossed this line today and continue to decrease, but ETH is still holding. This is the first zone where we would think about buying.
2.
0.618 Fibonacci retracement and in this case, it would be up to around $ 184. Yes, these values are also possible.
We believe that ETH will continue to decline and we've also identified two key zones to monitor. But what if growth comes? In that case, we would wait for ETH to exceed the $ 287 threshold. This is the bullish level that we have to overcome if we want to grow further. Until we overcome it, these targets apply.
May the crypto be with you!
Today we're looking at the biggest representative of altcoins - ETH. Ethereum is very interesting for several reasons. In the community, transition from POW (proof of work) to POS (proof of stake) is now quite a hot topic. This change is also believed to be due to many miners gone mining ETC (Ethereum Classic) and that was the main reason for its graceful increase.
However, Ethereum is also interesting for another reason. It's currently in the channel and we can say it's consolidating on the TOP now. We have identified two main zones where ETH can come:
1.
0.382 Fibonacci retracement, where the bottom edge of the channel and even strong support is. Many other altcoins have crossed this line today and continue to decrease, but ETH is still holding. This is the first zone where we would think about buying.
2.
0.618 Fibonacci retracement and in this case, it would be up to around $ 184. Yes, these values are also possible.
We believe that ETH will continue to decline and we've also identified two key zones to monitor. But what if growth comes? In that case, we would wait for ETH to exceed the $ 287 threshold. This is the bullish level that we have to overcome if we want to grow further. Until we overcome it, these targets apply.
May the crypto be with you!