Ethereum took a nice hefty correction after scorching higher all weekend.
I expect support here in the 140-130 area which has both structure support and is 50% retrace of the high-to-highs move. The Fibonacci implies targets of at least $200. If we get a similar sized move as the last one we easily make it to $227 area. How long this takes is anybodies guess. I suspect somewhere in the next 10-days but with all the bullishness behind crypto these days it might take less than 10 hours.
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I should note that if we get a similar move on a highs-to-highs basis we have targets as high as $270
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200 was barely breached. Pulling back to refuel for the move higher.
Rsi levels are extremely high and over bought , what's your thoughts on current levels ?
simonklasz
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Once we hit the target area of about 250, where do you predict the pullback will be to another buy zone ?
simonklasz
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Do you see any sign of amother pullback if the price cant stay above the 150ish terrain
MeasuredMove
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@simonklasz, Possible we ping-pong between prior highs in the 180s and the buy area in 140-130 area before heading to the target levels higher. Buyers are being aggressive though so I would not hold my breath.
simonklasz
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@MeasuredMove, I agree with that for sure . Wish I would of caught the bottom of that dip . Still nailed a decent entry . I'm traveling this weekend and won't be able to do any trading so hoping that leaving half my position will hit $200 this weekend . What are your thoughts ?