ETHUSD looking to break above the $220 resistance
Hi guys,
We already discussed a few times in the past the importance of the $220 zone. It is where the 61.80 Fibonacci retracement level lies and survived more than one attempt in the last few weeks.
The difference now is that price has surpassed the diagonal resistance, so the mid-term downtrend was broken, weakening the horizontal resistance.
On the lower timeframes, the situation is quite similar. I think a break and close above $220 will be the triggering point of the reversal to the upside. A further drop down and a close below $210 will put the current uptrend in doubt.
Cheers,
We already discussed a few times in the past the importance of the $220 zone. It is where the 61.80 Fibonacci retracement level lies and survived more than one attempt in the last few weeks.
The difference now is that price has surpassed the diagonal resistance, so the mid-term downtrend was broken, weakening the horizontal resistance.
On the lower timeframes, the situation is quite similar. I think a break and close above $220 will be the triggering point of the reversal to the upside. A further drop down and a close below $210 will put the current uptrend in doubt.
Cheers,
Comment:
ETH just a beauty. To be honest, I expected a retrace at $232, but since ether almost hit $240 today I'm not convinced of what it is up to. It is totally out of synch with BTC or any other crypto right now.
