Ethereum V shape recovery is fully in play
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Ethereum has been rejected from the extreme Fibonacci extension 3.000 level from the low in 2017 and is forming a big indecision harami candle. We need to see a sustained bounce above 2400 to mark this as a temporary pullback in the uptrend or we could see a downside extension below 2000 and a test of 1500.
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On the weekly chart, we can see that Ethereum has reacted on the last known uptrend line and a real upside resistance that lies at 2400 has been broken recently to the upside. We now have to see if this bounce will have legs or we have reached the longer-term top of 4300. Upside support now is 2000.
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On a daily chart, we can see a V-shape formation Already a member? This article is so good, it’s for premium members only.
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