ETHEREUM - 2 OPTIONS FROM HERE | ASCENDING WEDGE VS 61.8% FIB

Analysis

• Price has crashed severely and a bottom seems to be in given the extent of the recent crash
  
• See the ideas linked below for further macro and micro analysis on Ethereum
  
• There are 2 options from here
  
• Bearish: Ascending wedge breakout to the downside to the 61.8% fibonacci retracement level
  
• Bullish: Trend-line bounce upwards to the 61.8% retracement
  
• These 2 options could potentially play-out and positions should be taking accordingly
  
• Should the bearish thesis play out first, the 4H 21MA could also be a potential bounce zone, should it not correct deeper to the 61.8% fibonacci level
  

Conclusion: Given the recent surge, I would bias towards a retracement (be it 38.2% or 61.8%) and expect a correction to ~$2200 before pushing to the macro 61.8% retracement level at ~$3,400