#ETH UPDATE

15 thg 5

On the weekly timeframe currently, the price is approaching a critical level on the chart, which is the 0.382% FIB support level just below 2.9K, specifically around $2860 to $2870. Suppose we confirm a break to the downside below that level, for example, with a weekly candle close well below it. In that case, the next major retracement level on the weekly timeframe is the 0.5% adjustment level, which is around 2.5K. 2.5K is also an important level on the chart based on previous resistance and support seen in the candle closes and back in Q1 of 2022. So, once again, 2.5K will be the next major price target to the downside if we confirm a break below 2.8K to 2.9K. In case you're wondering, below the 0.5% FIB level, we have the all-important golden pocket between $2000 and 2.1K, acting as strong support based on previous resistance and support levels.

If we take a look at the daily timeframe, we can see that in the short term, the price is still clearly trending upwards. However, when zooming out to the weekly timeframe, this short-term uptrend may just be a pullback within the larger bullish trend. So, whether we bounce here or at 2.5K, either way, this could be just a significant pullback within the larger bullish trend, similar to what we saw previously. For instance, the short-term bear trends seen here and here were followed by bounces off the support line at around $2850 and resistance around $3240.

Stay tuned for more updates.