Analysis Cryptos Support & Resistance

Ethereum is vulnerable to a pull back this week.

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Blue lines- Fibonacci retracement levels

Ethereum has most probably completed the rise from $1,191. I believe that the most likely scenario is for price to make at least a pull back towards $1,490 from current levels of $1,618. Short-term support is at $1,563. Price is most probably forming a lower high and a new downward move will come soon. Upside potential is limited. The RSI has already provided us with a bearish divergence and that is why I think it is more likely to see a pull back than a continuation of the up trend. Downside target is at $1,490 and at $1,370. A break below $1,370 would be a bearish signal that bulls do not want to see. We are neutral Ethereum if not bearish.

The material has been provided by InstaForex Company – www.instaforex.com


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