On this post, I’ve plotted the Fibonacci Channel on Ethereum’s price action since March 2020. As you see the is also a rough indicator of when the price tends to break above the 1D MA50 as it has an approximate 60.00 break-out level.
Once that level breaks, it has taken ETH either 132, 137 or 70 days to reach its next top on the Fibonacci scale. As you see tops are progressive one level higher each time (first 1.0 then 1.5 and the most recent in May on 2.0 Fib). Technically we may assume that the next Top will be at 2.5 or higher but certainly that appears to be a very high level from the current prices especially if it technically “needs” to be achieved in 137 days (or even worse 70 days) as the model suggests.
Do you think that ETHEREUM priced its bottom and if so is the 2.5 Fib extension the next target?
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