HELLO AGAIN TRADERS, As predicted in my last two posts, it is taking a few attempts to definitively break through the DOWS THEORY level (50% retracement) of $3124 and leg up into .5/6.18 range and continue the upward trend. As mentioned previously, looking left on our chart we see the last time we were rangebound in this area following the MAY 2021 crash, it took...
GOOD MORNING TRADERS! As you will note from my previous post two days ago, we are approaching the 50% retracement level from the May 2021 crash. Though this 50% level isn't technically a TA level, it is a very well known and respected retracement citing DOWS THEORY. If we are able to break this light resistance level at around $3124 then it would seem we are due...
As you can see from my chart, the 50% retracement area from the swing high/low from the largest red week in May is now being respected as a resistance area. Though this is not a fibonacci level, the 50% retracement area as described by Dow remains one of the strongest psychological levels in TA. With this area now serving as a resistance for Ethereum it will...