26.08.202214:59 Forex Analysis & Reviews: Ethereum rejected at Fibonacci resistance.

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Red line -resistance

Green line - support

In our previous analysis on Ethereum we warned traders that price was challenging important Fibonacci retracement level at $1,720. Price got rejected at the 38% Fibonacci retracement and broke below the upward sloping short-term support trend line. Ethereum has pulled back towards $1,620 forming a higher low. If bulls manage to break above recent highs at $1,720, then we could see Ethereum move higher towards the 61.8% Fibonacci retracement. Until then, price remains vulnerable to a move lower.

Alexandros Yfantis
Analytical expert of InstaForex
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