It’s just the start of the week, and ETH is already printing new highs.
But let’s zoom in on a familiar pattern in price action:
During the week of June 30 – July 7, ETH floated above the 0.5 Fib and the 200MA early in the week. Then it dipped below both levels, only to bounce back and start holding the Fib as sup
port. From there, price slowly climbed alongside the 200MA, bouncing off it a few times, then it took off.
Last week showed a similar setup, this time around the 0.236 Fib and 200MA.
Now both levels are sitting close together again. So, we might see another dip below them before ETH pushes higher.
Of course, if price fails to reclaim the zone, more downside could follow.
But as always: we’ll be here to watch it unfold.
Always take profits and manage risk.
Interaction is welcome.
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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.