ETH/USDT Update: Ethereum tests the 2800$ support again. 0.5 Fib

BINANCE:ETHUSDT   Ethereum / TetherUS
- Ethereum currently has the biggest ecosystem and running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.

Daily chart:

- Trading volume keeps decreasing marked by the cyan line.
- The RSI sees a decline as well and drops down to the middle 30's.
- Price shows the same behavior and drops down to 2800$ which is marked as support and falls together with the 0.5Fib which usually acts as support.

(The following description is taken from last discussion.)
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal.
- We see a golden cross indicated by the yellow camera.

- The overall market crash comes most likely mainly from China fud and therefore is not considered to be "normal" price action.
Due to that as well to all the on-chain data we see this as great buy opportunity and expect the price to recover and continue to go higher.

Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
- Either entry zone or support zone . Check the description.