Ethereum had a really nice bull run. As with all big momentum moves, price needs to correct to collect more orders before resuming its trend. In our previous analysis, we posted both a short and long scalp idea which played out perfectly!
From the chart can see that the 0.5 fibonacci lines up with a previous level where price reacted heavily. It could be that there are a number of orders awaiting there which price needs to collect before moving up.
Watch for bears to start weakening and for buyers to come in at the 0.5 fibonacci level.
From the chart can see that the 0.5 fibonacci lines up with a previous level where price reacted heavily. It could be that there are a number of orders awaiting there which price needs to collect before moving up.
Watch for bears to start weakening and for buyers to come in at the 0.5 fibonacci level.
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