The 78.6 % Fibonacci retracement @ 3’457 has been filled (intraday high so far @ 3’469).
In addition, the ETH is still below the ongoing downtrend line resistance and last but not least
STILL WITHIN THE CLOUDS on a daily basis.
Therefore, further development will depend on upcoming price action over the next trading hours and
will be confirmed by the daily closing level later on today.
A failure to clearly breakout the 3’500 area and hold above it on a D1 closing basis, will add a renewed
selling pressure putting the focus on lower levels towards 3’300/3’150 , the latter being the cluster of KS and MBB and also roughly the 38.2% Fib ret of the last 2652-3469 rally; below 3’060 (clouds support zone ).
An upside breakout of the downtrend line resistance would open the door for 3’676 (former high) ahead of psychological 4’000 level and also Sept 3rd high (4’027)
As always, do not forget to monitor shorter time frames (intraday) in order to get early signal (s) which will help you to act accordingly in getting validation or invalidation of implications above mentioned 🙂
All the best
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