As you can see from my chart, the 50% retracement area from the swing high/low from the largest red week in May is now being respected as a resistance area. Though this is not a fibonacci level, the 50% retracement area as described by Dow remains one of the strongest psychological levels in TA. With this area now serving as a resistance for Ethereum it will continue to test this area until is definitively broken.
Based simply on market sentiment, overall trend, and MY OWN OPINION - this asset is headed much higher... as long as it can break this .5 area of resistance from the major swing high to low. Keep an eye on this level however, if this area can not be broken then the next area on support would be located around $2750-$2800.
Of course the macro (Bitcoin) will always drive the market, which looks to be in a bullish trend towards $60k.
This is not financial advice, however if you enjoyed this analysis please LIKE & SUBSCRIBE <3 <3 <3
Based simply on market sentiment, overall trend, and MY OWN OPINION - this asset is headed much higher... as long as it can break this .5 area of resistance from the major swing high to low. Keep an eye on this level however, if this area can not be broken then the next area on support would be located around $2750-$2800.
Of course the macro (Bitcoin) will always drive the market, which looks to be in a bullish trend towards $60k.
This is not financial advice, however if you enjoyed this analysis please LIKE & SUBSCRIBE <3 <3 <3
Next target is around the $3428 area, but almost as importantly an area of recent resistance to break is around the $3338 area.
I am still bullish on this asset until the .886!
(Once again this is not financial advice)