Ethereum Price Analysis: ETH/USD finds support at key Fibonacci area
- Ethereum has not evaded the crypto sell off on Wednesday and has fallen 7.29%.
- The market has found support at a key Fib confluence area marked on the chart below.
ETH/USD 4-Hour Chart
Today has been a serious bear day in the crypto world.
Ethereum is still over 7% lower despite finding some support recently.
There is a decent support level on the chart below where the 1.618% extension and the 38.2% retracement meet.
The retracement was drawn on the daily chart so not all of it is in the picture but it has worked to great effect.
There has now been a large hammer candle printed, which could also be a bullish signal.
 (9)-637183490305700697.png)
Additional Levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
More from Rajan Dhall, MSTA
