ETH/USD Tests 21ema Resistanceafter 88.6% FibBounce
|Meta description: Ethereum (ETH/USD) is in a downtrend but price bounced at the 88.6% Fib and is now testing a key resistance zone.
ETH/USD
Daily
Ethereum (ETH/USD) made a bullish bounce as expected at the 88.6% Fibonacci level, which is a key level we mentioned in our analysis last week.
ETH/USD however is still facing a strong resistance zone due to the trend line and 21 ema zone. Price must break above these resistance levels before any serious uptrend is in question. Otherwise the downtrend is still in play and a bearish breakout below the 88.6% Fib and bottom could send the pair down lower.
Daily 2
ETH/USD could use the potential head and shoulders pattern for a bullish reversal. A bearish break below the purple box could send the pair lower whereas a break above the 21 ema, pullback and continuation could indicate a larger bullish movement. For the moment, price is challenging a key resistance trend line.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.