Ethereum retest of 360 USD
Updated
Ethereum is rebounding against both BTC and USD. Over the past few days we saw decisive support above the 38.2% fibonacci retracement level against USD and a test of the 23.6% fibonacci retracement level against BTC. The EWO has also turned positive on the ETHUSD weekly chart.
A decisive break above 23.6% on the BTC chart will provide the confluence of factors to formulate a bullish bias for Ethereum in the short to medium term. A retest of 360 USD would be a near certainty and a decisive break above that level will be needed to maintain bullish bias.
A decisive break above 23.6% on the BTC chart will provide the confluence of factors to formulate a bullish bias for Ethereum in the short to medium term. A retest of 360 USD would be a near certainty and a decisive break above that level will be needed to maintain bullish bias.
Note
Wrong chart in the above comment... it was for ETCBTC, not ETH. Here's the correct picture: Note
Note that on ETHBTC, daily chart shows a decisive break above 23.6% but weekly chart is still TBD.Note
Also, EWO is an abbreviation of Elliot Wave Oscillator. The link was wrong on the first comment but unfortunately TradingView adds these links automatically.Trade active
Trade is in the profit zone.
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