The price of ETHUSD recently corrected itself to the 23.6 per cent Fibonacci retracement level at 2466.11. The subsequent consolidation of the price action around this resistance-turned-support indicates that the correction may have already bottomed out.
Even still, it should be noted that this is the first time that the price action is probing the lower limit of the regression since the beginning of the last upswing. That is why if the price manages to break down below 2466.11 decisively, the dropdown could then be extended lower towards the 38.2 per cent Fibonacci at 2321.72.
More risk-averse bulls could look for a chance to enter long there, whereas less risk-averse bulls could do so around the current spot price.
Once the price action manages to break out above the last swing peak at 2650.00 decisively, bulls could swap their fixed stop orders for floating TPs in order to squeeze the maximum out of the remainder of the upswing into uncharted territory.
Even still, it should be noted that this is the first time that the price action is probing the lower limit of the regression since the beginning of the last upswing. That is why if the price manages to break down below 2466.11 decisively, the dropdown could then be extended lower towards the 38.2 per cent Fibonacci at 2321.72.
More risk-averse bulls could look for a chance to enter long there, whereas less risk-averse bulls could do so around the current spot price.
Once the price action manages to break out above the last swing peak at 2650.00 decisively, bulls could swap their fixed stop orders for floating TPs in order to squeeze the maximum out of the remainder of the upswing into uncharted territory.
