ETHUSD retrace done or almost? Ethereum Support zones in sight

Updated

This an update to be continuous study of Ethereum since its bottom (in theory).

The above chart was created using this process:
First we have Blue ''Pulse'' fib setting the root increments of price movement

On larger scale, we have this Green ''Wave'' Fib defining the larger structures

Next, measuring the move down, we have Red ''Relaxation'' Fib with it own hearbeat

Combining those three Fib sequences, I can map likely support zones

Also see my ongoing analysis and calls in Related Ideas BELOW

Note

Here we are again

Zoomed in, we see EXACT relevance of the blue fib.

MAY WELL BREAK, but it proves RELEVANCE. And if that line is relevant, the rest of that fib series should be relevant as well.

.

Note

ETH pretty tightly bound to this microFib series

Note

You cant make this stuff up, but you can measure it

Note

Fibs dont lie. The 7.618 is a comment end of wave, then the 9.618. But breaking above bands just above is a good sign

Fibs dont lie

Note

ETH coming up on likely resistance at 149.75 gdax

Note

ETH break out?

Note

ETH bulls are definitely eager as per live chart above

Zoomed in, it is obvious that we are at an important zone

Note

Rut Roh

resistance as expected
.

Note

Ping ...

not a good sign for bulls. They need to break above quickly or risk falling to next zone below.

,

Note

Close up of that Ping

EXACT reflection off a fib line confirms its relevance. and in this case it implies a micro retrace

.

Note

Well, the eager bulls bought ETH exactly where I expected

Closer inspection shows that we had 12345 impulse, and maybe completed the ABC correction

If so, this needs too move up rapidly here.

.

Note

Bulls trying to put some distance between support and price

maybe the ABC correction on this tf is done after all
.

Note

if this is going to play out, 150.16 has to bounce strong and punch through the red zone with vigor

Note

yup, 150 round to be tested, and better bounce like a super ball

Note

here we are, but just sitting there, not good

Note

Sweet

Note

fibs dont lie. This is why it bounced a little above 150 round on gdax

(not saying it will hold, but a reflection was expectable)

Note

ETH bulls MUST defend 149.61 gdax

Note

ETh: decent bounce off Critical zone

Note

Spectacular dip in typical Crypto style. The current Fib I am watching

and will see how it meshes with the rest of family.

.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.