Ethereum is having a pretty tough time since Monday. The coin went from the 0.07190s to 0.06720s in two days almost without a correction. So, what stopped the move to the downside?
Ethereum pushed through the horizontal support and even through the 161.8% Fibonacci key extension before racing higher as the bears were not able to close below the support levels. A confluence of two support levels managed to create a bear trap and allow the new traders to enter the market with an aim to push further the price to the downside. However, it seems that a lot of bulls waited for this level before entering the market and they are now in control, as far as the H1 chart is concerned. Watch out for a move higher to test the previous horizontal support around 0.06915 which also coincides with the 38.2% retracement of the recent fall. If, however, the coin returns lower and again pokes below the confluence of support, then there is a significant risk of the breakthrough and a major move to the downside.
Ethereum pushed through the horizontal support and even through the 161.8% Fibonacci key extension before racing higher as the bears were not able to close below the support levels. A confluence of two support levels managed to create a bear trap and allow the new traders to enter the market with an aim to push further the price to the downside. However, it seems that a lot of bulls waited for this level before entering the market and they are now in control, as far as the H1 chart is concerned. Watch out for a move higher to test the previous horizontal support around 0.06915 which also coincides with the 38.2% retracement of the recent fall. If, however, the coin returns lower and again pokes below the confluence of support, then there is a significant risk of the breakthrough and a major move to the downside.