ETH appears to be entering an accumulation phase after spending the last 3 months in distribution and has now crossed into my own personal long areas where I have large positions now filled at $2330.
As many who follow my post know, breaking above the .236 fibonacci for me is the optimum spot for longs, and ETH has done that in regard to its fib retracement of $4372 which as you know is the all time high in price for this asset.
Without the need to hype things up one should just know that this is a very big deal IF the price can hold above $2331 at the close here in just over 30 minutes.
The concern here I will admit is that similarly to BTC, ETH has put in several green candles, and is now overdue for a red one.
That means we need ETH to maintain decisively above the current .236 fib level with enough room to put in a following red candle that could backtest our fib level as support. A close below the .236 as Im sure you now know is bearish and would almost certainly mean Ethereum retesting lower levels in some shape or form.
Should the .236 ($2331) level hold as support here in the next 24-48 hours, ETH could see fireworks with a first targeted move of 15% roughly before hitting the next fib resistance area.
This will be one to watch due to the fact that ETH dominates the altcoin marketcap which means if ETH is flipping bullish, then altcoins as a whole more than likely are too. Stay tuned.
As many who follow my post know, breaking above the .236 fibonacci for me is the optimum spot for longs, and ETH has done that in regard to its fib retracement of $4372 which as you know is the all time high in price for this asset.
Without the need to hype things up one should just know that this is a very big deal IF the price can hold above $2331 at the close here in just over 30 minutes.
The concern here I will admit is that similarly to BTC, ETH has put in several green candles, and is now overdue for a red one.
That means we need ETH to maintain decisively above the current .236 fib level with enough room to put in a following red candle that could backtest our fib level as support. A close below the .236 as Im sure you now know is bearish and would almost certainly mean Ethereum retesting lower levels in some shape or form.
Should the .236 ($2331) level hold as support here in the next 24-48 hours, ETH could see fireworks with a first targeted move of 15% roughly before hitting the next fib resistance area.
This will be one to watch due to the fact that ETH dominates the altcoin marketcap which means if ETH is flipping bullish, then altcoins as a whole more than likely are too. Stay tuned.
