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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.

Rajan Dhall, MSTA FX Daily

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.

Additional Levels

ETH/USD

Overview
Today last price	229.05
Today Daily Change	-17.75
Today Daily Change %	-7.19
Today daily open	246.8

Trends
Daily SMA20	253.82
Daily SMA50	201.51
Daily SMA100	172.19
Daily SMA200	179.14

Levels
Previous Daily High	266.2
Previous Daily Low	244.75
Previous Weekly High	287.04
Previous Weekly Low	237.24
Previous Monthly High	186.73
Previous Monthly Low	125.81
Daily Fibonacci 38.2%	252.95
Daily Fibonacci 61.8%	258.01
Daily Pivot Point S1	238.97
Daily Pivot Point S2	231.14
Daily Pivot Point S3	217.52
Daily Pivot Point R1	260.42
Daily Pivot Point R2	274.03
Daily Pivot Point R3	281.86

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.

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ETH/USD 4-Hour Chart

Additional Levels

ETH/USD

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