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.
To follow the ONE44 Analytics Crypto updates throughout the day for FREE go to..