ETH/USD tested the 50% Fibonacci retracement level of 271 [Video]
|Ethereum prices continue to slide after two weeks of negative coverage on crypto currencies. However, from a technical point of view, this slide could be a mere pullback and an inevitable market sentiment reaction. ETH/USD tested the 50% Fibonacci retracement level of 271 as we predicted previously. This level also falls on the upper band of the daily Ichimoku cloud, and is tested as the Kijun line crosses below the Tenkan line. While normally the 50% Fibonacci level is one of the toughest ones to break, it is important to note that the pair is also in the middle of forming an apparent Double Top chart pattern, with neckline all the way down at 155. While we don’t have enough historical data for the young crypto-currency, we currently have at least 2 bearish confirmations indicating the Ethereum price could at least pull back to 244 and 205 in extension, especially if it is able to break below the daily Ichimoku cloud. For those excited to invest in Ethereum, these levels could be bargain prices. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.
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