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Ethereum dropped through formidable support at around $1,700 on Thursday, extending its drop as projected earlier. The crypto has now tested one-year support ($1,700) and is now pulling back sharply. It has regained the $1,900 handle at this point in writing as bulls are determined to come back in control holding above $1,700 going forward.
Ethereum has now carved a meaningful larger degree downswing between $4,850 and $1,700, which should be ideally retraced up to the $3,900 levels going forward. Furthermore, major support has been tested at around $1,700 which calls for a pullback in the near term before the larger degree trend resumes lower.
Finally, the RSI on the daily chart has produced a bullish divergence, which could be seen as a potential turning point. Ethereum faces immediate resistance around the $3,555 mark and bulls might be targeting to take that out in the next few trading sessions. Also note that $3,900 is the Fibonacci 0.618 retracement of the entire drop between $4,850 and $1,700, which is a strong resistance zone.
Potential rally through $3,500 and $3,900 against $1,700
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
