Ethereums rise within consolidation
Ethereum is still within its consolidation range after rising 56% and finding resistance at the 0.5 fib retracement (blue arrow).
Just before hitting its head on the 0.5 it broke through the 0.382 on its second attempt and successfully retested it as support (red arrow).
If we come back down from testing the 0.5 we will likely have support at the 0.382 as before. This may need to act as a level as support if we head to higher price levels in the near future so in the case Bitcoin corrects, Ethereum does not need to fall too far.
I will make another post on the patterns occuring on the lower timeframes.
Just before hitting its head on the 0.5 it broke through the 0.382 on its second attempt and successfully retested it as support (red arrow).
If we come back down from testing the 0.5 we will likely have support at the 0.382 as before. This may need to act as a level as support if we head to higher price levels in the near future so in the case Bitcoin corrects, Ethereum does not need to fall too far.
I will make another post on the patterns occuring on the lower timeframes.
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