Ethereum price analysis: ETH/USD flirts with 61.8% Fibo, while John McAfee sees ETH as buying opportunity
- John McAfee sees Ethereum as a buying opportunity at current levels.
- ETH/USD needs to get back above long-term downside trendline to improve the technical picture.
Ethereum price came back towards 61.8% Fibonacci retracement level $723.00, having recovered from Sunday lows reached at $661.94. The coin moves in lockstep with broad cryptocurrency market, which has been experiencing an upside correction from the recent crash.
While the coin has been moving within the long-term downside trend since mid-January, some crypto enthusiasts believe that it is unjustly undervalued. Thus the renowned crypto proponent John McAfee called Ethereum dip irrational.
"The most irrational dip is Ethereum. Which of us engaged in the day to day payments and receipts in the crypto world do not favor Eethereum? We all know it is the only truly functional platform .... yet, please God, look at the price! This is an opportunity if I ever saw one" - he wrote on his Twitter account.
Ethereum price technical picture
The longer-term Ethereum technical picture looks gloomy as it needs to move clearly above 61.8% Fibonacci retracement and retake the long-term downside trendline, currently at $750.00. Once this level is passed, $800 resistance will come into focus. On the downside, the first support is produced by $700 and flowed by 661.94 (Sunday low).
ETH/USD, the daily chart
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Author
Tanya Abrosimova
Independent Analyst
