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Yesterday the market saw a nice mini-rally. The price of BTC earned 5% (Bitstamp) and is now trading at the price level of $ 3650 after striking a significant resistance level and sold some of its gains.
The price of Ethereum had a good run of 11% and is now trading around the price level of $ 127, other small Altcoin moved much more radically, with some coins earning 30-70%.
In the period in which our last analysis was published, ETH was traded at the Fibonacci level at 0.5, and we expected another move towards the price level of $ 114, at the level of retracement of the fibers from 0.618.
Since then, ETH has declined to our target for the retracement of 0.618, where it has found the support needed to ignite yesterday's bull run.
As we explained earlier, the Fibonacci 0.618 retracement level is always a weak point to expect a rebound, as it is the bulls' favorite place to enter their long positions.
Looking at the 4-hour chart
- The ETH price is currently back in the trading zone $ 124- $ 131 (the gray area in the following table) this range is a support / resistance zone.
- Most likely, ETH will again repeat the resistance level of $ 131, where both the 55 EMA and the 200 EMA are waiting for extra resistance.
- If the bulls are able to break the resistance level, then the next target could be found at the $ 140 level or even higher than $ 146, which is another Fibonacci level to watch.
- On the other hand, if ETH is rejected at the resistance level of $ 131, then it may try to retest the support level of $ 124 or even lower than the price level of $ 114.
- It's too early to determine if yesterday's rush was the start of a new positive trend, but if this is the case, then there's an excellent chance to test the $ 160 highs or even higher in a longer period of time. We want to see the ETH price above the gray areas $ 124- $ 131 as the first sign of a new trend direction.
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