Ethereum is trading around $2,100. Price is still in bullish trend making higher highs and higher lows. Price has so far reached our first Fibonacci extension target and is moving towards the next target. The 161.8% Fibonacci 2nd target is at $2,455. At $2,407 we also find the 38% Fibonacci retracement of the entire decline from its all time highs. The RSI has still not reached overbought levels. It is very likely that this up trend continues towards the 2nd Fibonacci extension target. This week’s lows are very important support levels. Bulls do not want to see price break below the currently weekly lows.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines – Fibonacci retracement levels
Red lines- Fibonacci extension targets
Ethereum is trading around $2,100. Price is still in bullish trend making higher highs and higher lows. Price has so far reached our first Fibonacci extension target and is moving towards the next target. The 161.8% Fibonacci 2nd target is at $2,455. At $2,407 we also find the 38% Fibonacci retracement of the entire decline from its all time highs. The RSI has still not reached overbought levels. It is very likely that this up trend continues towards the 2nd Fibonacci extension target. This week’s lows are very important support levels. Bulls do not want to see price break below the currently weekly lows.
The material has been provided by InstaForex Company – www.instaforex.com
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