ETH - Important levels to watch
These are the important levels to watch for ETH if we get further breakdown.
The 30% retracement level matches up quite nicely with the low of the range below, providing good area of confluence.
30% retracement is important as we have seen many alts retrace by ~30% to flush out leveraged positions before they have moved higher again.
Buying in the low of the zone can be good for long term hold.
If you want to avoid risks, you may consider being hedged for sometime.
The 30% retracement level matches up quite nicely with the low of the range below, providing good area of confluence.
30% retracement is important as we have seen many alts retrace by ~30% to flush out leveraged positions before they have moved higher again.
Buying in the low of the zone can be good for long term hold.
If you want to avoid risks, you may consider being hedged for sometime.