Ethereum Holds Up Against Bears

In Ethereum trading, events took a rather dramatic turn. On one hand, we have to give their due to the buyers who were able to keep the asset inside the growth channel which, given its steep incline, was not an easy task.

Judging by the above average trade volumes, investors need Ethereum alive and well.

On the other hand, despite all efforts, the price is still rather close to the boundary of the channel, and to make it worse, below the 0.236 Fibonacci level, which is an additional resistance.

With an eye on Bitcoin, which is hesitating with some indecision, we are betting on a break through the channel. Further, the most likely scenario would be a testing of the previous local minimums at the $600 mark first, and then a descent to the 0.382 value of the Fibonacci grid, which coincides with a strong mirror level of $575.

In case of stronger negativity, we allow a further decline to the next target of the bears - $535, but this is unlikely for now. If the market does provide such an opportunity, it would be a waste not to take advantage and grow long positions in Ethereum at an attractive price.

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