Ethereum rallied ~73% from its February 6th low at $565 to its recent peak at $979 on February 18th:
Ethereum has pulled back ~16% in the last four days, finding support early yesterday morning near the $820 level which corresponds to the 38.2% Fibonacci retracement of the February 6th-February 18th rally.
Support at $820 now takes on greater importance, meanwhile, Ethereum has overhead resistance near $900 followed by MAJOR resistance between $970 and $1,000 which now not only represents long-term support/resistance but also the downtrend line drawn through the January peaks above $1420 and $1260. A breakout above $1,000 would offer a strong indication that a major low ($565) was put in place earlier this month, however, a breakdown below $820 would greatly increase the likelihood of the $565 low being retested over the coming weeks.
DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.