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.
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.
Comment:
I should note that if we get a similar move on a highs-to-highs basis we have targets as high as $270
Comment:
200 was barely breached. Pulling back to refuel for the move higher.