Ethereum is approaching major support at 1008 (38.2% Fibonacci retracement, ABC Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to potentially push price up to even 1258 resistance (61.8% Fibonacci extension, horizontal pullback resistance). We have to remain careful that Ethereum is in a bearish channel and would increase our conviction for a bounce if it breaks the upside resistance of this channel.
Stochastic (55,5,3) is seeing a bounce above 4.3% and also a recent break of a descending resistance-turned-support line signaling a potential change in momentum.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing a bounce above 4.3% and also a recent break of a descending resistance-turned-support line signaling a potential change in momentum.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results