ETH: Retest 0.618 Fib Level

Currently there is a bearish engulfing candle on the daily ETH chart. This In addition to the decrease in volume and the upcoming cross in the stochastic RSI; makes It is very likely that ETH will trend down to retest the 0.618 Fib level

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*This information is not trading advice and is to be used for educational purposes only!

Nota

Over the last couple of months it has been seen that ETH is clearly following in the steps of BTC. Making it a great hedge against BTC to short.

Nota

There is still a bit of bullish momentum on the 2 hr, but the over all trend is still bearish as can be seen in the 4 hr and daily charts. We can expect that our target will be reached at any time.

Nota

A couple of days late but. Unfortunately ETH had a move upward and not toward the 0.618 level. However, ETH has reversed and is now testing the support zone (shown as dotted line) if this line is broken we my still retest the 0.618 level in the neat future.

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