ETHUSDT: Support at $1.3k according to the Fibonacci RetracementIn this ETH/USDT chart, we use the Fibonacci Retracement to look at resistance and support levels and try to predict what will be Ethereum's next move.
We see resistance at 0.65 (price at 1.7k), 0.786 (price at 1.8k), and at the "GOLDEN POCKET". What is the Golden Pocket? It is an area between 0.618 and 0.65 where significant reversal often happens, and in Ethereum's case, we see that the price dropped all the way from 1.7k to 1.1k in only four days after reversing in the Golden Pocket.
The price also received support at 0.5 (price at 1.5k), 0.382 (price at 1.4k), and especially at 0.236 (price at 1.3k). Following these observations, we can expect the current price to use 0.236 again as support before rallying at least to the nearest resistance 0.382.
Also, pay attention to the Relative Strength Index (RSI) to see any overbought signals (ETH is overbought if the RSI goes above 70. The market will then correct the price shortly by bringing it down. However, if the RSI oscillates between 50 and 70, it is a sign of a healthy bullish trend).
Yanak
