Ethereum took a nice hefty correction after scorching higher all weekend.
I expect support here in the 140-130 area which has both structure support and is 50% retrace of the high-to-highs move. The Fibonacci implies targets of at least $200. If we get a similar sized move as the last one we easily make it to $227 area. How long this takes is anybodies guess. I suspect somewhere in the next 10-days but with all the bullishness behind crypto these days it might take less than 10 hours.
I expect support here in the 140-130 area which has both structure support and is 50% retrace of the high-to-highs move. The Fibonacci implies targets of at least $200. If we get a similar sized move as the last one we easily make it to $227 area. How long this takes is anybodies guess. I suspect somewhere in the next 10-days but with all the bullishness behind crypto these days it might take less than 10 hours.
Note
I should note that if we get a similar move on a highs-to-highs basis we have targets as high as $270Note
200 was barely breached. Pulling back to refuel for the move higher.
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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.