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Ethereum and Fibonacci

Short term update for Ethereum

Starting at the low made on the 29th, the first rally hit 38.2% (1) to the high on the 26th keeping the trend negative. The break from there failed to make a new low and held 61.8% (2).

Bitcoin did the exact same thing at that time, however on the break they hit 78.6%. (check previous update).

The rally after failing to make the new low, sent it to 38.2% back to the ATH and this is the long term swing point of 2741.00 (3). The break from there went right to 38.2% (4). Only setting back 38.2% after hitting a much bigger retracement above would be a positive sign and they should go for new highs for the move, however not making a new high after holding 38.2% (4) tells us of a possible trend change and the target on a break from there would be 78.6% (5).

For the target once they can get through 2741.00 (long term swing point) go to our long term update.

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