Ethereum rejected at 38.2%
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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.
With this being said in our last update...
"Using the ONE44 Fibonacci rules and guidelines we know that when a market hits 61.8%, we can look for a move of 61.8% in the other direction as the longer term target and as always we will watch all the retracements to see just how strong, or weak the market is in the shorter term. Having said that, the long term target is 3384.00, with short term levels to look for resistance at 2350.00, this is 23.6% back to the ATH and most importantly 38.2% at 2741.00, any rally that fails to get above this keeps the long term trend negative."
The overnight high was 2750.00, Failing to get above 38.2% keeps the trend negative and as long as they stay below it, look for a retest of the lows. This can also create a choppy trading range for a while between 61.8% at 1725.00 and 38.2% 2741.00. Once they can clear 2741.00 the long term upside target is still 3384.00 based on the 61.8% rule.
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