ETH still trending upward
Despite a rather drastic drop a couple of days ago, it looks like ETH is still in an ascending channel for the long term logarithmic trend. As for the flash crash from the other day, it looks to have very positively correlated to the 78.6% Fibonacci retracement level, which can easily be seen as a healthy retracement.
Hence it looks like there is a good possibility that any further retracements might go to near the 61.8% Fibonacci retracement level near 2.4K, but otherwise, so long as the price does not break near 1.7-1.8K in the short term, then the trend is still fairly positive for ETH.
However, I must note that ETH is commonly known to follow BTC, so it is still quite possible that a BTC drop back to its former levels near 30K could still have a negative effect on ETH. However, if such a drop were to occur gradually rather than suddenly, there is a possibility that ETH will also gradually decline rather than the rather precipitous drop a few days ago.
And of course, this is not meant as financial advice and is just my opinion, but please like or comment if you agree or see anything differently.
Hence it looks like there is a good possibility that any further retracements might go to near the 61.8% Fibonacci retracement level near 2.4K, but otherwise, so long as the price does not break near 1.7-1.8K in the short term, then the trend is still fairly positive for ETH.
However, I must note that ETH is commonly known to follow BTC, so it is still quite possible that a BTC drop back to its former levels near 30K could still have a negative effect on ETH. However, if such a drop were to occur gradually rather than suddenly, there is a possibility that ETH will also gradually decline rather than the rather precipitous drop a few days ago.
And of course, this is not meant as financial advice and is just my opinion, but please like or comment if you agree or see anything differently.
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