ryopphdi
Long

ETH end of downward correction?

KRAKEN:ETHUSD   ETHUSD
254 3 3
Ethereum has just reached 61% retracement of move from $2 till $6.30 and seems bulls are slowly taking control here. If this level holds we will see some move upwards. It will be important to see if this potential move upwards breaks above $4.50-$4.60 where another Fibonacci level is located. Stronger move to the upside can signal current correction is finished and ETH is ready for final push to the new tops withing wave 5.

Alternative positive option is longer sideways correction in which ETH will spend some time gathering strength to move higher.

Positive scenarios presented above will be cancelled if ETH moves below 61% Fibo level. IF this happens we will probably witness much longer and stronger correction to the downside. Potential support for such a move will be around $2.

Related Ideas

ryopphdi
9 months ago
ETH went below 61% level yesterday. However it started moving sharply to the upside soon after. My guess is current level is critical and if it goes above $4.75 it will likely re-visit region of $6.50.
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ryopphdi
9 months ago
ETHUSD has been showing some strength recently. Looks better than ETHBTC. It looks wave 5 to the upside may be in progress right now. If this is true then 4h candle should not close below $5.
snapshot
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ryopphdi
9 months ago
We had huge move to the upside as wave . My feeling is this wave is close to its finish now and we will be due for significant correction. Please take a look at my next idea.
ETH likely to be topping soon
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