Ethereum continue to struggle against Bitcoin as Bitcoin reaches 20-months peak. The ongoing bearish channel initiated from September 21. The momentum on the bear side is still immensely adamant. From the price of 0.025 level, it gave up -61.24% and now trading at 0.00957.
On the 4 -hour chart, Stochastic Oscillator and RSI readings suggesting an over-sold condition. The lines are dipping down might implying reversal shouldn’t be too far away. Yet, from the past 5 instances, only once a rebound that yield meaningful price bump based on these over-sold level.
The current price is checking on 50% fibonacci retracement. But with Bitcoin in strong fiery hot rally, we could see further consolidation based on current level. The resistance level could be trace around 0.00993 about in the 38.2% retracement range. A stronger resistance level next is at 0.01037 on 23.6% retracement. Support zone is around 0.00902, 61.8% retracement. Another huge support price zone is 78.6% retracement level on the price 0.007800.
chart from tradingview, datafeeds from Coinbase
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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.