Ether (ETH) oversold heavily - bounce coming soon?
Actualizado
ETH is oversold on the daily, on the 4 hour, on the 2 hour...
The next possible point for a substantial bounce is around the 470$ region (first orange line).
As you can see on the daily chart, this point is identical with a 100% retrace for the rally that started on December 11th.
So under normal circumstances, I would expect to see a strong bounce here.
However, if BTC continues to tank further, so could ETH.
The next possible supports would be around the 400$ mark (second orange line), and then the 300$ mark (third orange line). This targets are all derived from relevant points of last year.
If we break even the 300$ mark, well, god help us...lol.
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The next possible point for a substantial bounce is around the 470$ region (first orange line).
As you can see on the daily chart, this point is identical with a 100% retrace for the rally that started on December 11th.
So under normal circumstances, I would expect to see a strong bounce here.
However, if BTC continues to tank further, so could ETH.
The next possible supports would be around the 400$ mark (second orange line), and then the 300$ mark (third orange line). This targets are all derived from relevant points of last year.
If we break even the 300$ mark, well, god help us...lol.
If you found this post helpful, please hit the Like button - that's an easy way to thank me for my time.
Thanks!
Nota
I forgot to add: contrary to BTC and LTC, ETH is now even below the low of Feb 6th!Nota
We have reached possible bounce point 1, now it's getting interesting.Not the slightest trace of a bounce yet.
Nota
So we bounced off of 450$, at least for now.The low of the lowest candle is exactly at 450.00$, at least on the Coinbase chart.
I redraw the Fibonacci levels, this time I took the lows of early August as the lowest point. It appears that we are now hovering around the 78.6% retrace from the rally beginning early August - which is at the same time the 100% retrace from the rally starting in December.
Isn't that amazing :)
Nota
The chart with the new Fib-levels:
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