Fibonacci trend analysis anchored from Ethereum's December 7 2018 swing low to the June 26 2019 swing high to December 18 2019 swing low indicates that it bounced off the 61.8% retrace level against the U.S. dollar. the pullback looked like it was going to test the 38.2% retrace level, but the bulls came back strong as Ethereum settled up at both the .5 Fibonacci retrace level as well as the heart line of the Fibonacci up trend it has been in since December lows. Heiken ashi flipped back to green after that. Major resistance is found at $288.66 where price has pulled back from numerous times, however if Ethereum closes above this level and perhaps even successfully back tests it as support, profit taking levels can be found as high as $335.74, $395.68 and $568.79. Strong support is currently found at $255.63, if this bears push prices below this level further support is found at $222.57 in addition to an up sloping Fibonacci Channel. A close below this level would indicate the bull rush is over and could see shorts enter the market with targets of $181.68 & $115.57.
in summary this is a bull market with major support at $255.63 while major resistance is found at $288.66 on the daily chart.
in summary this is a bull market with major support at $255.63 while major resistance is found at $288.66 on the daily chart.