Ethereum Attention!!!

By Little Bull | Cryptos.News | 7 Feb 2021


In the last 3 days we could see a clear resistance at just over $1.7K, matching the 1,272 level of the long term Fibonacci extension.

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Currently, it is far from the speed support, so it is not ruled out a retracement if it does not retest positively the previous ceiling it broke just 4 days ago.

If it breaks to the upside in the small node that is forming could go to look for the Fibonacci level 1.414 at $1.9K although if it is the case it would aim more at the Fibonacci level 1.618 at $2.1K. And really with the last rises, this last possibility contrasts with the reality.

 


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The long term RSI is high, at the triangle formed and compared to the previous highs, the odds point to a break before the next strong upward move.

 


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The Stochastic has been in oversold territory for some time now but giving small windows of slack and then moving higher as has the RSI but again it would appear to be a repeating pattern that appears to be pointing to today's failure to break the $1.7K level.


Conclusion:

I would not rule out the possibility of paralleling a few days and thus take more strength, since the indicators are not really negative, are common situations, the price needs to seek stability, see what happens with bitcoin and its dominance. Then it will be ready to rise again with strength.

Ethereum is consolidating very well these last months, we must continue with the same desire.

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Little Bull
Little Bull

Argentinean blogger.


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