ETHUSD Approaching Resistance, Potential Drop!
ETHUSD is approaching our first resistance at 425.81 (horizontal overlap resistance, 23.6% Fibonacci retracement, Elliot wave structure) and a strong reaction might occur below this level, pushing price down to our major support at 405.05 (horizontal swing low support, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also approaching resistance where we might see a corresponding drop in price.
RSI (89) is also approaching resistance where we might see a corresponding drop in price.
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