Ethereum - Comeback or Slow Death?
Bitcoin has been gradually sucking the life out of the altcoin market and Ethereum is no exception. It has smashed through significant levels of support with a vengeance, and crossed through multiple vacuum zones to the downside with ease. Cryptophiles had some high hopes that $400 would hold as a max lower bound, similar to how BTC is holding at the $6000 handle. But this, along with our dreams, was smashed back in August, and we're sitting at almost half of that figure now.
Momentum still seems very strong to the downside. ETH likes to consolidate in flag patterns before subsequent forays south. Currently, like BTC, it is forming a consolidation pattern, which suggests that there will be another forceful push in either direction. At this moment, there is little hope of a recovery, but one can always hope.
If current levels do not hold, we can expect support at the psychological $200 level. Past that, we may find more support from Fibonacci levels (which also align with psychological levels) at about $100 and $150. These correspond to Fibonacci Extension levels anchored last year. They've been reliable in the past, and we don't expect that to change now.
On the other hand, if we do get lucky and have some upside momentum, we can expect resistance at $250 and $343, which are further extensions of the ones discussed earlier. If we are able to make it to $400, we will face significant blowback since this level not only aligns with a nice round psychological level, but the upper-most Fibonacci extension from last year, and the lower anchor of our more recent Fib retracements.
Momentum still seems very strong to the downside. ETH likes to consolidate in flag patterns before subsequent forays south. Currently, like BTC, it is forming a consolidation pattern, which suggests that there will be another forceful push in either direction. At this moment, there is little hope of a recovery, but one can always hope.
If current levels do not hold, we can expect support at the psychological $200 level. Past that, we may find more support from Fibonacci levels (which also align with psychological levels) at about $100 and $150. These correspond to Fibonacci Extension levels anchored last year. They've been reliable in the past, and we don't expect that to change now.
On the other hand, if we do get lucky and have some upside momentum, we can expect resistance at $250 and $343, which are further extensions of the ones discussed earlier. If we are able to make it to $400, we will face significant blowback since this level not only aligns with a nice round psychological level, but the upper-most Fibonacci extension from last year, and the lower anchor of our more recent Fib retracements.
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