I hope you aren’t getting tired from my statement, “the situation in Ethereum remains slightly different from the one in bitcoin.”
Because unfortunately it actually is still slightly different because Ethereum couldn’t catch up to bitcoin, and we are still trading below our red Fibonacci zone. The 1.236 extension is the most important here, the whole red zone resembles a significant resistance, and it would be pleasant if Ethereum could finally push above this zone.
A few hours ago we touched the 1.236 extension at 1828$ again and retraced back from it by a few percents. It’s absolutely crucial that we gain bullish momentum now and break through this barrier in the next hours, it would be optimal if a breach of this line would happen today or tomorrow. Should we fail to accomplish this, an ugly pull-back from this line is very likely but trust me the bullish scenario is still our main scenario.
The following chart should highlight the resistance zone, feel free to ask a question in the comments if something should be unclear.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGTERM Target: +8’000$