Ethereum Consolidation

Following the completion of a strong impulse wave, Ethereum has now entered consolidation mode and will likely retest key supports to the downside. Here's the wave I'm anticipating. The classical fibo support is $367.39, but the major classical fibo support is $319.76. We've broken these fibo supports many times during heavy selling spikes, so I would look to the support zone between $310 and $280 as your best bet! From there, I'm looking to go long (more on that when we get more price action data).

Cheers and GLWT!
-Erik

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OK, here is an example of where the market comes around and where a decision needs to be made by market participants. If you are long, you may decide to short the market at the fibo resistance at $467 (at least around this area) or wait for a fresh breach of the fibo support at $435 and a close below that. ALTERNATIVELY, what may also happen is we break the ATH. In the latter case, this would signal the end of consolidation, present a big buy signal, and fresh upward targets. Let's see how this turns out.

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Failing to perform, so i'm not interested in ETH longs at this time.

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We have a support coming up in the ETHBTC chart, this may stop the market from dropping against BTC, and we may strengthen in the USD chart. If not, next fibo support is another 30% lower.

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Eth at the crossroad...

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We are very close to the bottom in the BTC chart.

I thought maybe we are forming a bullish flag, but now I think it wants to selloff....

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Trader6127

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