Ethereum remains one of the most stable coins out there and very consistently continues to rise. Since July 2017, when consolidation has ended price went from $139 up until $1430 in just 6 months, gaining nearly 1000%.
While the price went as high as $1430, it broke and closed above the $1370 resistance, that is 427.2% Fibonacci retracement level, suggesting that the uptrend is far from over. Although price corrected won sharply and was stopped at the strong support area between $765 and $792. The support is confirmed by two Fibonacci retracement levels and the clear bounce of one of them can be witnessed. At the same time, ETH/USD rejected the 200 Moving Average and the 2/1 Gann Fan trendline adding extra confirmation of the uptrend validity.
The price could continue ranging for some time but overall it should reach the next Fibonacci retracement level at $1950 and potentially it might test the strong psychological level at $2k.
While the price went as high as $1430, it broke and closed above the $1370 resistance, that is 427.2% Fibonacci retracement level, suggesting that the uptrend is far from over. Although price corrected won sharply and was stopped at the strong support area between $765 and $792. The support is confirmed by two Fibonacci retracement levels and the clear bounce of one of them can be witnessed. At the same time, ETH/USD rejected the 200 Moving Average and the 2/1 Gann Fan trendline adding extra confirmation of the uptrend validity.
The price could continue ranging for some time but overall it should reach the next Fibonacci retracement level at $1950 and potentially it might test the strong psychological level at $2k.