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Ethereum hit our long term target of 1760.00 that was posted on 1/29/20
Long term Ethereum remains in a strong position, however they have been unable to get a solid close above our long term target of 1425.00. Provided they can close above 1425.00 this will become our long term swing point and the long term target is 1760.00,
Now that they have hit 1760.00, the first target on a break from here is 1364.00, this is 23.6% back to the 2018 low and our long term swing point moves up to 1110.00, this is 38.2% back to the 2018 low. You can use the other major Gann square on the first chart for support and resistance in between these levels and you can use the secondary Gann squares on the 30 minute chart below for short term support and resistance.
For the upside,
With a solid close above 1760.00 the next long term target becomes 2290.00, this is a major Gann square and there are two others to watch for resistance at 1930.00 and 2105.00.
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
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.