KiaCryptiola
Long

Ethereum Faces a Tough Challenge

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
After a sharp drop of Bitcoin , Ethereum failed to break the downtrend, signaled by the green trendline, which remains intact since the high at $838. Today ETH retraced till the 78% Fib level, at $467, where it found support. This level also matches the lower BB, acting as suport as well.

Considering that BTC falls below 6k, a further fall to the next levels at $413 and $366 is expected. $366 is supported by the yellow 377-MA and also it was the lowest point that Ethereum hit this year.

On the other hand, if BTC rebounds and regains the $6500 levels, we expect ETH to retest the trendline, aiming the 61% Fib level at $546.

A buy range would be at $450-$460, with stoploss at $430. After breaking $500, ETH will target the $520-$530 levels where POC lies.

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