ETHUSD Market update - 5/13/21
Ethereum topped out right around $4200 and is now a falling knife coming back down. You know the saying "what comes up must come down" and that quote couldn't apply more to this situation.
ETH has a 4H support level at $3431 that doesn't look like its going to hold so I believe its going to come down to touch at least the topside of this channel at $3200, but I believe the 1.618 Fib level will get backtested at the $2700 level before moving back upwards.
ETH has had unbelievable growth these last 2 quarters and now is time for a decent correction as we shake out the weak hands moving forward.
ETH has a 4H support level at $3431 that doesn't look like its going to hold so I believe its going to come down to touch at least the topside of this channel at $3200, but I believe the 1.618 Fib level will get backtested at the $2700 level before moving back upwards.
ETH has had unbelievable growth these last 2 quarters and now is time for a decent correction as we shake out the weak hands moving forward.
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