Hello all. Here is a quick Saturday morning market update on the Etherium price and where it is heading.
Looking at ETH on the daily chart, we see that we have fell below the 200 EMA and also broke bearish from the descending wedge.
In my previous Eth update we predicted that Eth can fall to $3200 level which is already confirmed and as we are currently trading below this price. The drop is not over yet and here is my predicted target:
If we extrapolate a measured move for this descending wedge pattern and align it with the breakout point, we get a price target sitting at around $2650-$2700.
One important indicator that also confirms this price target is the fibonacci retracement tool. The fib golden pocket also sits exactly at $2650-$2700.
The long white support line which corresponds with the fib golden pocket and our measured move target also corresponds with the $2650-$2700 target. (Image listed below in the comment section).
Based on these analysis I believe that Etherium is due to another 15% drop, maybe this weekend. I hope and believe that $2700 level is a strong psychological level and that Etherium will find support at this level.
I recommend not to fomo in and wait for Etherium to bottom out first.
Thanks for reading, and stay tuned. Enjoy.
Check out this educational material on Left Brain and Right Brain trading and how it applies to trading:
Looking at ETH on the daily chart, we see that we have fell below the 200 EMA and also broke bearish from the descending wedge.
In my previous Eth update we predicted that Eth can fall to $3200 level which is already confirmed and as we are currently trading below this price. The drop is not over yet and here is my predicted target:
If we extrapolate a measured move for this descending wedge pattern and align it with the breakout point, we get a price target sitting at around $2650-$2700.
One important indicator that also confirms this price target is the fibonacci retracement tool. The fib golden pocket also sits exactly at $2650-$2700.
The long white support line which corresponds with the fib golden pocket and our measured move target also corresponds with the $2650-$2700 target. (Image listed below in the comment section).
Based on these analysis I believe that Etherium is due to another 15% drop, maybe this weekend. I hope and believe that $2700 level is a strong psychological level and that Etherium will find support at this level.
I recommend not to fomo in and wait for Etherium to bottom out first.
Thanks for reading, and stay tuned. Enjoy.
Check out this educational material on Left Brain and Right Brain trading and how it applies to trading:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.