? 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
