FIb #1- overall fib of the ATL and the ATH
Fib#2 - the corrective wave after the bull run.
Fib#3- the last wave 5 before the recent correction (price failed here)
I am looking for a level of support where the Bulls may be buying in to ETH as I believe the run is not over just yet.
The first level I am watching is the 0.076862
- a 61.8 retracement level as well as a 50% of Fib#1 and Fib#2. There is also order flow and consolidation or an area where fractals formed.
Price could wick through here hit the 127% extension (green line) and hold the purple line and head toward the ATH (1) which happens to be a 127% of the move. This makes sense to me so it's definitely the area that I am watching closely to see if there is a change of trend on the lower time frames say the hourly.
A deeper retracement could occur and in this case I will be watching for the level - 0.061624 - is the 0.382 of the major move and the previous leg up it is also near the 161.8% of the last wave, and previous resistance/support. That gives us 4 good reasons to watch for a change of trend on the 1 hr after price heads down into this area.
Just my trade plan in no way is it advice. Plans don't always work they just keep you in the game longer.