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Forex Analysis & Reviews: Ethereum breaks down out of bullish short-term channel
time 19.08.2022 08:34 PM
time Relevance up to, 21.08.2022 08:34 PM

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Red lines- bullish channel

Blue lines- Fibonacci retracements

Ethereum is trading at $1,700. Today price broke below key support that we mentioned yesterday and is expected to at least test $1,630 where we find the 38% Fibonacci retracement of the upward move we see inside the bullish channel. If price breaks below $1,630 we should expect ETHUSD to reach $1,515 or even $1,380-$1,400. Resistance is at $1,880 and as long as price is below this level, price will remain vulnerable to a move lower.

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