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Ethereum respects the 38% Fibonacci retracement level.

Ethereum broke out of the bullish channel and so far has made a 38% retracement of the entire upward move that started around September 22nd. At current levels I prefer to be neutral Ethereum as I believe we are not done with the correction yet.

analytics6197c78667ca0.jpg

Black lines -Fibonacci retracement

Price as we said above has managed to test the 38% retracement twice and both times support has held. This increases the importance of this support area and in case price breaks below, the chances of moving lower towards the 50% retracement will be high. I expect Ethereum to form a lower high over the weekend and resume the pull back next week.

The material has been provided by InstaForex Company - www.instaforex.com