Hello,
As shown, during 2017 ETH had roughly a 67% crash in June, and proceeded to recover into August.
It crossed over the .786 fib retracement level, but ultimately got rejected and fell below the .702 as well.
The .702 turned to resistance, and eventually led to another 38% fall down to the .236 fib retracement level.
As we know, ETH managed to recover in 2017 and finish the year covering a perfect full fib extension from the sell off in June, closing the parabolic move out around $1300.
ETH is currently demonstrating very similar price action, with a crash in May and retracement in September 2021, broke above .786 fib level, fell below .702 and now losing short-term momentum.
The short term outlook could be bearish, with a pullback down to the .236 fib level, a $2350 Ethereum.
If we continue to print similar price action, $2350 area could be the low for the rest of the year, presenting a great buying opportunity to (potentially) close the year around $13,000 for ETH.
- CA$HLESS
As shown, during 2017 ETH had roughly a 67% crash in June, and proceeded to recover into August.
It crossed over the .786 fib retracement level, but ultimately got rejected and fell below the .702 as well.
The .702 turned to resistance, and eventually led to another 38% fall down to the .236 fib retracement level.
As we know, ETH managed to recover in 2017 and finish the year covering a perfect full fib extension from the sell off in June, closing the parabolic move out around $1300.
ETH is currently demonstrating very similar price action, with a crash in May and retracement in September 2021, broke above .786 fib level, fell below .702 and now losing short-term momentum.
The short term outlook could be bearish, with a pullback down to the .236 fib level, a $2350 Ethereum.
If we continue to print similar price action, $2350 area could be the low for the rest of the year, presenting a great buying opportunity to (potentially) close the year around $13,000 for ETH.
- CA$HLESS