Hello,
As you can see on the ethereum chart, the market has formed an important zone where trading has been going on for a long time. I think it will stay that way for a while.
This year's high point is also an important Fibonacci level, which was clearly rejected by the market. So now I expect to see a correction of at least $1,400. Mainly because the structure of the rising trend is also damaged.
If all goes well, we will not reach the bottom of the red zone again, and ideally we will strengthen this level during an extended rally, and finally move towards the top decision again during the new bull market. (If it comes.)
The new bull market target zone could realistically and using Fibonacci end somewhere around the $10,000 price. Although Fibonacci allows us to reach the price of $13,750, note that $10,000 will be a very important psychological limit. From here on, I definitely expect that we will correct it.
Do not forget. This does not constitute investment advice. Do your own research before entering a position.
Regards
In extreme cases, we can count on new lows. But this would be triggered by very negative news that directly affects the entire cryptocurrency sector. In this case, we can expect a very deep correction. But I see little chance of that at the moment. Although it is important to note that the sector is under a lot of pressure now, as they are constantly working on regulations in economically important parts of the world. The fact that bitcoin is accepted in a country on the verge of bankruptcy like El Salvador is frankly insignificant.
As you can see on the ethereum chart, the market has formed an important zone where trading has been going on for a long time. I think it will stay that way for a while.
This year's high point is also an important Fibonacci level, which was clearly rejected by the market. So now I expect to see a correction of at least $1,400. Mainly because the structure of the rising trend is also damaged.
If all goes well, we will not reach the bottom of the red zone again, and ideally we will strengthen this level during an extended rally, and finally move towards the top decision again during the new bull market. (If it comes.)
The new bull market target zone could realistically and using Fibonacci end somewhere around the $10,000 price. Although Fibonacci allows us to reach the price of $13,750, note that $10,000 will be a very important psychological limit. From here on, I definitely expect that we will correct it.
Do not forget. This does not constitute investment advice. Do your own research before entering a position.
Regards
In extreme cases, we can count on new lows. But this would be triggered by very negative news that directly affects the entire cryptocurrency sector. In this case, we can expect a very deep correction. But I see little chance of that at the moment. Although it is important to note that the sector is under a lot of pressure now, as they are constantly working on regulations in economically important parts of the world. The fact that bitcoin is accepted in a country on the verge of bankruptcy like El Salvador is frankly insignificant.