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Ethereum in bearish zone against the US dollar

From last week, when the price of Ethereum was at $ 117 on Monday, we have seen sideways movement, where the price went to increase to $ 132.4 at first. It was the W from the Minute WXY, after which a decline to $ 120 has been made on the 0.5 Fibonacci level, followed by another increase to the upside when the price reached $ 128.2 on the Y wave.

Ethereum

This sideways move was the second wave X from a Minor WXYXZ correction. The price has been there since 24th of December. That is why after it ended further downside movement started.

The price is currently up to $ 116 on FXOpen, the last Monday's price and the 0.5 Fibonacci level, which was previously broken. As the price has been hovering around $ 117, the candle is in the last week.

Z wave should fully develop. However, that might not be as high as possible. Fibonacci level properly.

Fibonacci level or at $ 111 in price terms. But it could go further, depending on the momentum behind the sell-off in which the next significant horizontal level would be $ 104.

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