Hello all and good evening to everyone.
We have seen a relatively strong move up recently however for ETH we are still below the 0.5 Fibonacci retrace level. Even if we do have another move up to the supply zone near $200, taking the bearish divergences into consideration it seems unlikely that we close the weekly candle above the 50% retrace.
The rising channel, overall decline in volume, Less positive momentum on the MACD, and lower highs in the Stochastic RSI are suggesting the chances are in favor of us seeing the measured move happen down to this demand zone.
With this being said, if we do manage to break above this channel and supply zone we would look at the 0.618 for the next resistance with the 0.786 following that.
Not trade or financial advice.
We have seen a relatively strong move up recently however for ETH we are still below the 0.5 Fibonacci retrace level. Even if we do have another move up to the supply zone near $200, taking the bearish divergences into consideration it seems unlikely that we close the weekly candle above the 50% retrace.
The rising channel, overall decline in volume, Less positive momentum on the MACD, and lower highs in the Stochastic RSI are suggesting the chances are in favor of us seeing the measured move happen down to this demand zone.
With this being said, if we do manage to break above this channel and supply zone we would look at the 0.618 for the next resistance with the 0.786 following that.
Not trade or financial advice.