Ethereum uptrend has been obvious up until the 20th of May when it reached btc 0.085 high. Then price corrected down to btc 0.071, losing 16% to Bitcoin. However ETH/BTC cleanly rejected the 2/1 Gann Fan trendline followed by the breakout of the downtrend trendline, not to mention the formation of the Bullish Divergence on the RSI oscillator.
This might imply that the uptrend is about to continue and price could reach btc 0.095, that is 161.8% Fibonacci retracement level, applied to the current corrective wave down. The btc 0.095 is very close to the btc 0.1 psychological resistance that potentially could also be reached. But the break above that resistance could send ETH much higher, although it yet to be seen.
On the downside, break and close below btc 0.071 support would invalidate bullish outlook and could result in continuation of the correctional move down.
This might imply that the uptrend is about to continue and price could reach btc 0.095, that is 161.8% Fibonacci retracement level, applied to the current corrective wave down. The btc 0.095 is very close to the btc 0.1 psychological resistance that potentially could also be reached. But the break above that resistance could send ETH much higher, although it yet to be seen.
On the downside, break and close below btc 0.071 support would invalidate bullish outlook and could result in continuation of the correctional move down.
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