Ethereum price soared up to a day high of $712 on Tuesday before a downwards price correction attempt became evident pulling the price downwards to a day low of $596 on Wednesday. The market bulls failed to break through the resistance around $713.24, which corresponds to the 61.8% Fibonacci retracement.
The upwards trend which has been evident since April 7th, bounced off this crucial resistance level. The price correction attempt is subsiding as ethereum price rose again above $600 during most of Wednesday’s trading sessions.
We will examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 100 period SMA, the 200 period SMA, and the Ichimoku Cloud as shown on the below chart. We will keep the Fibonacci retracements we extended last week between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can observe the following: Read more from themerkle.com…
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