Ethereum approaching major support, prepare for a bounce

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Ethereum is approaching major support at 1008 (38.2% Fibonacci retracement , ABC Fibonacci extension , horizontal swing low support) and a strong bounce could occur at this level to potentially push price up to even 1258 resistance (61.8% Fibonacci extension , horizontal pullback resistance). We have to remain careful that Ethereum is in a bearish channel and would increase our conviction for a bounce if it breaks the upside resistance of this channel.

Stochastic (55,5,3) is seeing a bounce above 4.3% and also a recent break of a descending resistance-turned-support line signaling a potential change in momentum.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Guys, get more real-time updates on our trading ideas here : https://t.me/tickmillroom

This analysis is provided as general market commentary and does not constitute investment advice.
Thanks for the analysis!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out