Ethereum outlook
Ranging in this bearish pennant nearing its breakout point. Currently sat at confluence of fib levels, .5 (13th - 17th) & .236 of entire range. Break above would see a retest of .618 level (prev 20th high) and not necessarily negate downside potential. Would need to see a break to the downside + rsi break to consider trade. Not showing indicator on this chart, but the correlation coeffecient with btcusd has been high 90s (bitcoin moves the market). So keep an eye on bitcoin testing its resistance area.
Note
Dunno why .236 of market range isnt showing but it comes in at $1086.22Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.