Update from previous idea:
not had a great time lately in ETH and by the looks of things I don't think the dump is over. so I think all we need to look at is a fib retracement and strong levels of support and resistance.
a very important level of a fib is the 0.79 because that is the last level to hold before you can pretty safely say the trend has reversed. so keeping that theory in mind the 0.79 has held as resistance for price just basically showing a perfect retrace of the volatile move down. that is pointing towards further downside for me.
potential next move for me is this level here at my red price box around the 1980 level if we drop you can see the other targets in a. worst case scenario but we have seen crazy price action lately so I realistically think they might be prices we get down to soon but not in the immediate future, I actually think if price drops down to those fib levels it will signal a reversal like a big volatile wick and then begin the rise back up.
not had a great time lately in ETH and by the looks of things I don't think the dump is over. so I think all we need to look at is a fib retracement and strong levels of support and resistance.
a very important level of a fib is the 0.79 because that is the last level to hold before you can pretty safely say the trend has reversed. so keeping that theory in mind the 0.79 has held as resistance for price just basically showing a perfect retrace of the volatile move down. that is pointing towards further downside for me.
potential next move for me is this level here at my red price box around the 1980 level if we drop you can see the other targets in a. worst case scenario but we have seen crazy price action lately so I realistically think they might be prices we get down to soon but not in the immediate future, I actually think if price drops down to those fib levels it will signal a reversal like a big volatile wick and then begin the rise back up.
