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Will Ethereum break the $ 200 barrier?

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Will Ethereum break the $ 200 barrier?

Will Ethereum break the $ 200 barrier?
CONTENT

  • ETH has exceeded the 0.5% Fibonacci retracement level.

  • The nearest support and resistance levels are located at $ 150 and $ 215.

  • Ethereum is inside a rising wedge pattern.

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Ethereum is recovering from lows since March 13, and on April 25, the price has won back exactly half of the recent collapse.

 

Cryptocurrency trader @TraderSmokey tweeted an Ethereum chart showing a range of $ 89- $ 287. At the moment, the price has already exceeded the median line of this range.

Will Ethereum break the $ 200 barrier?

The trader is surprised that many market participants are predicting a bearish scenario for cryptocurrency:

Can someone explain to me why ETH has to go to zero?

Below we will analyze the dynamics of Ethereum and try to determine the vector of its further movement, as well as the probability of prices falling to zero..

Trading range

Ethereum has been falling since mid-February, with quotes hitting a high of $ 289. The sales continued until March 13th. That Day Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More hit a low of $ 89.8.

Quotes indeed exceeded the 0.5% Fibonacci retracement level, but this does not mean that the coin is in a bullish course. Pullbacks often continue to 0.618% or even 0.786% of the prior decline.

In the case of Ethereum, the 0.618% Fibonacci retracement level is located at $ 212, near the $ 215 resistance zone. So, until the price rises above this level, which should acquire a support status, the current dynamics will be considered a rollback, and not the beginning of a new upward movement.

Rising wedge

In addition, Ethereum is trading within a rising wedge, close to the resistance line of this figure and the minor resistance of $ 205. A rising wedge is considered a bearish reversal pattern.

Meanwhile, the RSI has been giving significant bearish divergence signals since April 7th. Finally, trading volumes are falling, which is also a sign of an impending bearish breakout..

Will Ethereum break the $ 200 barrier?

Since the current trend is still considered a pullback, we are now most likely seeing the final Elliott wave in the A-B-C-D-E format.

Applying the Fibonacci retracement levels to waves d and e, we can assume that the latter will end in the area of ​​the current levels of $ 197 or near $ 220, where an important resistance zone and the 0.618% Fibonacci retracement level mentioned above pass..

Ethereum will then head towards near $ 150 support.

So, Ethereum is trading inside a rising wedge and is possibly near the top of its pullback. After a potential bearish breakout of this pattern, quotes are likely to head towards the $ 150 area.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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