14.01.202221:42 Forex Analysis & Reviews: Ethereum stops decline at key Fibonacci retracement.

Ethereum is trading around $3,300 after making a low close to $2,920. Price has so far retraced the 61.8% of the entire rise from June lows and our pull back targets have all been achieved. There are a lot of chances of a bigger bounce towards $3,620, but for now we still consider this as a counter trend bounce.

Exchange Rates 14.01.2022 analysis

Black lines- Fibonacci retracements

Red line- resistance trend line

Trend remains bearish in the short-term as price continues making lower lows and lower highs. The 61.8% Fibonacci retracement is key support and failure to stay above it would be a bearish sign and we should expect a deeper pull back towards the 78.6% level. The RSI is bouncing higher from oversold levels but there is no bullish divergence evident. Our primary scenario is that we see a counter trend bounce and price should continue lower.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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