The_MATE

Analysis for ETH based on its history

BINANCE:ETHUSDT   Ethereum / TetherUS
BINANCE:ETHUSDT

Before we start to analyze, let's review the reaction of ETH after the sharp drop in history.
More than 50% drop on May 19
From Sep 2020 to May 2021, we can be see that when the price retraced, it retested the 0.382 level of Fabonacci several times.
ETH finally rebounded at the 0.382 level and began its bullish trend .
It can also be seen that on Sep 20, 2021, ETH fell by more than 30%, and was supported by the 0.618 level of Fabonacci.

More than 30% drop on Sep 20, 2021
Let's look at the Fibonacci from July 2021 to Nov 2021.
Based on its historical trend, we need to pay attention to the 0.382 level of Fabonacci.
On Sep 20, ETH successfully rebounded at this support zone . We can consider it a strong support zone .
We need to focus on:
Will ETH rebound at the support zone again?
If ETH is successfully supported, it's a good choice to build our position at $2,650~3,100.
If it breaks through the support zone unfortunately, be careful with the risk of falling to $1,700~1,900.
We have to stop loss strictly so that we can go longer in this market.

I would be glad if you share your opinion and hit the like button!
If you like my analysis, you can follow me to see my analysis at once ^^