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Ethereum short-term analysis

Ethereum made a new higher high at $2,390, however price got rejected at the 61.8% Fibonacci retracement resistance. Bulls need to be very cautious now as a decline below $2,000 would a be a reversal signal.


Blue lines - Fibonacci retracements

Ethereum has reached very close to the key Fibonacci resistance at the 61.8% level. Price is turning lower and if the pull back deepens, then we should expect that the bounce from $1,700 might be over and the next leg down is starting. In order for bulls to avoid the danger of new lows, price must overcome at least the 78.6% Fibonacci retracement level.

The material has been provided by InstaForex Company -