The price of ETHUSD is currently establishing an Ascending Wedge pattern, which could signal the beginning of a new correction. This is substantiated by the fact that the price action is still incapable of closing decisively above 3300.00. This is the level where bears can look for a chance to enter short.
First, however, the price action is likely to rebound one additional time from the 150-day MA (in purple) and the lower boundary of the Wedge.
The first target for the correction can be found at the 23.6 per cent Fibonacci retracement level at 2987.70, which is currently converging with the 200-day MA (in orange). Moreover, this level is positioned just below the psychologically significant support at 3000.00, which serves as a significant turning point as well.
If the price manages to break down below the 23.6 per cent Fibonacci decisively, the next target for the correction can be found at the 38.2 per cent Fibonacci at 2743.58.
First, however, the price action is likely to rebound one additional time from the 150-day MA (in purple) and the lower boundary of the Wedge.
The first target for the correction can be found at the 23.6 per cent Fibonacci retracement level at 2987.70, which is currently converging with the 200-day MA (in orange). Moreover, this level is positioned just below the psychologically significant support at 3000.00, which serves as a significant turning point as well.
If the price manages to break down below the 23.6 per cent Fibonacci decisively, the next target for the correction can be found at the 38.2 per cent Fibonacci at 2743.58.
