CountOnCrypto - Ethereum Forecast - 04/02/2021

I posted a previous analysis focusing on Ethereum's breakout of the wedge on the 1st of February; I had expected Ethereum to reach its previous resistance as I had marked with a trendline but it instead exceeded my expectations.


As the market cools off I will be looking to trade Ethereum between these Fibonacci retracement levels.

We recently found support on the .786 after we wicked towards the 50 SMA on the hourly. The dotted trendline above the price currently is what I'm looking at with regards to a breakout.


I am waiting for Ethereum to bottom out on higher timeframes and then will be looking for a break of the dotted Fibonacci line I previously mentioned!

It's unclear as to whether this trend will continue sideways before returning to the upside but I am certainly not counting on a revisit anywhere below 1435 soon.


I refer back to my previous idea where I explored my thoughts on Ethereums mid-term price action; I am certainly not expecting this to change.

Comment:

We have once again found support on the .786 Fibonacci retracement level