Ethereum has just reached 61% retracement of move from $2 till $6.30 and seems bulls are slowly taking control here. If this level holds we will see some move upwards. It will be important to see if this potential move upwards breaks above $4.50-$4.60 where another Fibonacci level is located. Stronger move to the upside can signal current correction is finished and ETH is ready for final push to the new tops withing wave 5.
Alternative positive option is longer sideways correction in which ETH will spend some time gathering strength to move higher.
Positive scenarios presented above will be cancelled if ETH moves below 61% Fibo level. IF this happens we will probably witness much longer and stronger correction to the downside. Potential support for such a move will be around $2.
Alternative positive option is longer sideways correction in which ETH will spend some time gathering strength to move higher.
Positive scenarios presented above will be cancelled if ETH moves below 61% Fibo level. IF this happens we will probably witness much longer and stronger correction to the downside. Potential support for such a move will be around $2.
