Relevance up to 15:00 2022-07-27 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red horizontal line -resistance
Blue horizontal line -support
Black lines- Fibonacci retracement levels
Ethereum is trading around $1,380 after getting rejected at $1,680. Price has so far retraced 23.6% of the entire decline from $3,680 and this is a shallow retracement indicating that bulls remain weak. Ethereum is pulling back and is expected to test the horizontal support at $1,300. Failure to hold above $1,300 could lead price to another move towards $1,000 or lower. If bulls form a higher low and push above $1,380, then we should at least see a move towards the 38% Fibonacci retracement if not the 50% level at $2,225. Medium-term trend remains bearish and we continue to treat each bounce as a counter trend move.
