Log based Ethereum chart indicates that we are now sitting on both trend support and, more importantly, the .382 retracement from the move from all time lows. Interesting that all that panic in the markets has still only yielded a relatively small correction. We are likely to bounce here before reaching an inflection point for Ethereum around $322. A failure takes us to the low 200s.
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I should note that the recent pattern is rather similar to the March downturn, which retested the .5 retracement before moving to new highs. We saw similar moves on 6/26 and 6/27 before moving up to try $322. Now that $261 has held, a retest of the highs seems likely. I expect that to be the inflection point (roughly a week out).
Comments
atorrealba
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It just broke the support
DJPandaBites
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@atorrealba, Looks like we go down to test the next level. Please note that the trends lines do not hold as much weight here on a log scale. Fib retracement points are much more relevant.
GrapevineX
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@cwidmer743, Yeah iw as thinking we'd hold the support and slowly rise but we lost support.. $215 -> $180 next
DJPandaBites
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@rubyAM, The FLOPpening is real.
KFedTrading
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everything is looking good. Think its a good time to buy in now too? I cashed out of ltc a little early. Waiting on where to make the next move.
DJPandaBites
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@KFedTrading, I initiated a small position this morning, but to be honest I'm only looking to swing ETH and roll the position into LTC overtime. A lot of money is flowing in that direction, but obviously LTC needs to cool off before heading to triple digits ; )