Pullback for ETH to continue the rally
Updated
ETH achieved the golden cross, however, golden crosses/death crosses don't show immediate results. If you take a look in the past, took several days for price to react on those crosses, not saying that crosses don't work, it actually tell us which direction the market will likely follow, but given history of past prices, it will take days, even weeks for prices to react.
That said, ETH correlation with BTC show us that a higher retracement is imminent, and that's healthy for the trend, as it will continue to rally to higher prices in the future. In this chart, I plotted Fibo levels along with support and resistance levels, and it showed a good convergence. The support level is between 0.236 and 0.382 Fibo levels, expect price to retrace to one of these levels and wait for confirmation to join the trend.
In the long-term, I'm actually very bullish for ETH, with the 2.0 setting to launch and financial corporations taking more interest in blockchain tech, with ETH being the most widely recognizable and reliable (ETH blockchain is among of the most used in crypto).
That said, ETH correlation with BTC show us that a higher retracement is imminent, and that's healthy for the trend, as it will continue to rally to higher prices in the future. In this chart, I plotted Fibo levels along with support and resistance levels, and it showed a good convergence. The support level is between 0.236 and 0.382 Fibo levels, expect price to retrace to one of these levels and wait for confirmation to join the trend.
In the long-term, I'm actually very bullish for ETH, with the 2.0 setting to launch and financial corporations taking more interest in blockchain tech, with ETH being the most widely recognizable and reliable (ETH blockchain is among of the most used in crypto).
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Price hit as low as $237Note
Waiting for confirmation that the rally has restarted.
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