Important zones for ETH (near futures)
Currently Ethereum price is near 0.5 Fibonacci level. Although it has been tested multiple times it still remains a good spot for a bounce. Nearest resistance for re-test is ~2700-2730. Since crypto loves to shock and liquidate shorters, I won't be surprised if it pump higher to 3200-3300. That will be enough to liquidate 5x isolated leveraged traders who shorted 0.618 Fib resistance.
If failed or get rejected on that attempt lower, It high chances for break down now. Next "strong" support at ~1923 and ~1690. Strong is not that strong since all the zones were wicked out on the first dump. Besides bouncing from these zones leaves a chance to continue uptrend as it will be higher low.
If failed or get rejected on that attempt lower, It high chances for break down now. Next "strong" support at ~1923 and ~1690. Strong is not that strong since all the zones were wicked out on the first dump. Besides bouncing from these zones leaves a chance to continue uptrend as it will be higher low.
Note
My feelings didn't lie yesterday although Ethereum required one more scam wick to liquidate early longs and gain extra liquidity. And that wick bounced exactly from 0.382 Fibonacci at 1725$. Now price is re-testing 2320-2400 resistance zone which also accidently has the trendline left from an old uptrend. All together makes it pretty strong and important for reversal confirmation. Same as BTC we might see rejection and couple of more wicks below 1900. But overall picture is promising.
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