ONE44 Analytics where the analysis is concise and to the point
Ethereum held our long term swing point perfectly as stated in our last update
"Ethereum is coming into some major levels for the long term trend. In this area is 1347.00 this is 61.8% back to the 1/11/21 low, a major Gann square at 1306.00 and most importantly is 1295.00, this is 38.2% back to the 2018 low and our long term swing point. They can trade below this level, however we would want to see it close back above it. Provided they can hold this area, look for a retest of the all-time high."
This is the Link to the last post
So far the rally from 1295.00 has taken it through 38.2% of the break at 1578.00. It closed above there today and you can use this as the short term swing point, back below, look for a retest of the current low and above it look for 1878.00 and then our long term target of 2291.00.
With a solid close below 1295.00 the next long term target will be 832.00, this is 61.8% of the 2018 low. You can look for support at all the major Gann squares before then at 1177.00, 1041.00 and 922.00.
At the time of our last update, they were below 45400, this is 23.6% back to the 2018 low, however they never closed below it and the rally from there is already through 48900, this is 38.2% back to the all-time high and you can use this as the short term swing point, above it look for the area of 54800 and 55000, this is first a major Gann square and secondly 78.6% back to the all-time high. Below 48900 look for a test of 45400 again.
Our long term target is still 64000 and the long term swing point is 37400.
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
Sign up for our Free newsletter here.