? ETH/USD Tests Key 88.6% Fibonacci Support Zone ?

Hi traders,

Ethereum (ETH/USD) is showing bearish momentum when taking into account the bearish candlesticks and HMA. But the ECS fractals are indicating that the overall trend is still up (green fractal). What’s next?

ETH/USD

Weekly

The long-term moving average remains bullish as well and could act as a bouncing spot if price manages to break below the Fibs. For the moment price is testing the deepest Fibonacci level on the chart, which is the 88.6% Fib and a key bounce or break spot.

Daily

ETH/USD is trending lower in a strong downtrend channel. A break above that channel could indicate a larger retracement whereas any uptrend would need to break above the 50% again. A bearish break could extend the bearish correction on the weekly chart.

Good trading,
Chris Svorcik
Elite CurrenSea

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