Ethereum #ETH has dived over -20% at the time of this writing from a high of 1352.85 yesterday.
The whole market was way overdue for a real correction and I believe this is it. Surprisingly I also think we have already hit the extent of that correction around the 950 mark.
As you can see from the chart there is a confluence of support here. You can see a couple days of support between 1/4-1/5.
In addition, the 0.5 Fib retrace is 951.43 and the HA(R2) is at 942.39. This could continue to fall to the 850 level, but if so, there isnt a lot of support there. There is however, quite a bit of additional support at the 750 level and I dont expect it would fall below this point.
This is looking like Wave 2 of a larger degree series, and as such could fall further, but I dont expect it to fall below the 750 level during this correction.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
The whole market was way overdue for a real correction and I believe this is it. Surprisingly I also think we have already hit the extent of that correction around the 950 mark.
As you can see from the chart there is a confluence of support here. You can see a couple days of support between 1/4-1/5.
In addition, the 0.5 Fib retrace is 951.43 and the HA(R2) is at 942.39. This could continue to fall to the 850 level, but if so, there isnt a lot of support there. There is however, quite a bit of additional support at the 750 level and I dont expect it would fall below this point.
This is looking like Wave 2 of a larger degree series, and as such could fall further, but I dont expect it to fall below the 750 level during this correction.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
