✴️ Ethereum [NYA]

In this long-term chart Ethereum is trading above the 0.382 Fib. retracement support level.

This is a very strong and important level technically speaking because it relates to the entire action from September 2019 to present time.

If this level holds, this is obviously bullish.
If it fails, the bears get the upper hand.

Now, what do I see?

Seeing that lower highs have been popping up since December 2021, it is likely that this pair wants to go lower, this is just the bias based on this simple fact.

MA200 is trending up, strong.
This indicator works like a magnet and it can pull the price of a pair toward it.

Now, if support holds, the bulls can win but, it is likely that we will see a test of MA200 or 0.5 Fib.

This level here sits around 0.0522.
This is a long-term chart.

The MACD is trading below zero (bearish) and the RSI below 50 with a downward curve.

Namaste.

Comment:

Support is breaking on the weekly timeframe, current session.
ETHBTC now heading towards MA200 (black line on the chart).

Trade closed: target reached:

Our long-term target hit. We will now go bullish.
Wait for a new trade idea.

Your support is ultra highly appreciated.