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ETHUSD approaching resistance, potential drop!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETHUSD is approaching our first resistance at 175.50 (horizontal overlap resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong drop might occur to our major support at 156.75 (horizontal swing low support, 50% Fibonacci retracement ).
Stochastic is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Agreed, so many people long ETH. Crowded trade!
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I think ETH will brake resistance easily. Ethereum meet up is few days away and Istanbul upgrade is also not that far away https://dapplife.com/ethereum-istanbul-upgrade-is-eth-price-on-the-cusp-of-a-change-in-direction/ so we can expect ETH to skyrocket
+1 Reply
We are at the resistance point so let's see what happens. We're long and I think we have what it takes to keep going up. Look at the stochastic on the daily and it is very bullish! I think a double top formation is due in the next 3-4 days.
+2 Reply
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