After reaching its $1,716 swing low again, ETH/USDT finished 5 waves up with a very corrective behavior. If ETH/USDT doesn't manage to break the upper trendline (Daily important trendline), we could see an ABC correction towards retesting the previous wave 4 at $2,000 as a first target which is also the 38.2% Fibonacci Retracement level.
If the price manages to break below $2,000, our second and third targets will be $1,925 and $1,810. However, if it does not break below $2,000, we could see an impulsive wave towards $2,170 and $2,400.
Also, although I don't like to use indicators, the RSI is showing a lot of divergence, which is considered a reversal signal to the downside.
If the price manages to break below $2,000, our second and third targets will be $1,925 and $1,810. However, if it does not break below $2,000, we could see an impulsive wave towards $2,170 and $2,400.
Also, although I don't like to use indicators, the RSI is showing a lot of divergence, which is considered a reversal signal to the downside.
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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.