After the giant drop almost to the daily .5 Fibonacci price of Ethereum has been struggling to break $3,553. We also see that price hasn't been able to break resistance not once, twice, but even three times. For this reason I believe that Ethereum could be on the way down to the .5 Fibonacci level and touch $3,000 before heading back on the upside. As always, we should always wait for a break of structure and wait till we see some major confirmations for any positions being taken. My bias on Ethereum for the next day is bearish.
Trade closed manually:
So to update us a little later than I would have liked, we did see a decent drop on Ethereum over the weekend and we saw the crypto currency drop just a little bit above 3100. Now I did say that we would see 3000 before heading up but it seems to me that 3100 is the lowest we were gonna go. Looking for more structure to form and done with all this consolidation. Safe trading out there!