Ethereum is moving towards its targets around $385 slowly but surely. We are receiving a triple Fibonacci confirmation that the nearest growth targets are around this area. Every time the price is correcting downwards, it forms a lever and a kind of support that determines the growth potential. Imagine a high-jumper athlete. He needs to sit down deeply to push himself up. A similar principle works on the market.
As we can see in the H4 chart below, there are as many as three such levers (258-176, 319-273, 347-285), and they all point to one target range around $385.
Meanwhile, the price growth has slowed and it moves neatly along the lower border of the lower channel. There is a high probability that the lower boundary of the channel will be tested for strength.
At the time of writing this review, this hypothesis has found its confirmation that we can see in the following M15 chart. There is large enough volume of sales.
If the lower border of the channel does not stand, then we are waiting for a price decline to the area of $300. It is here that the level of distribution and accumulation is. It was here that players exchanged positions and considered this price fair for a long time. So why not restore this very justice? The intermediate target in this case will be level the $315, which corresponds to the upper boundary of the range where the main volume was accumulated in the previous period.
So, we have two price benchmarks in the pair ETH/USD. This is $300 and $385 for one ethereum, which can be used to select entry points for the position and setting target. I wish you successful trading!
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