Ethereum reached our target previously, now dropping to major support!
Ethereum bounced above our major support level and reached our major resistance level perfectly. Now it is dropping strongly and our next major level of support is at 710 onwards to 692 (Fibonacci retracement, Multiple Fibonacci extensions, horizontal swing low support) where a possible bounce could occur once again to push price up towards major resistance at 792 (Fibonacci retracement, horizontal swing high resistance). Our next major level of support is at 653 (below swing low support, Fibonacci retracement).
Stochastic (34,5,3) is seeing strong support above 6.7% where a corresponding bounce could occur.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.