Price Of Ethereum Got Rejected At The 38% Fibonacci Retracement

Ethereum Could Drop Deeper As The Bias Remains Bearish

Relevance up to 14:00 2022-08-27 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 line -resistance

Green line - support

In our previous analysis on Ethereum we warned traders that price was challenging important Fibonacci retracement level at $1,720. Price got rejected at the 38% Fibonacci retracement and broke below the upward sloping short-term support trend line. Ethereum has pulled back towards $1,620 forming a higher low. If bulls manage to break above recent highs at $1,720, then we could see Ethereum move higher towards the 61.8% Fibonacci retracement. Until then, price remains vulnerable to a move lower.

 

Source: Forex Analysis & Reviews: Ethereum rejected at Fibonacci resistance.

Ethereum Could Drop Deeper As The Bias Remains Bearish

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