Ethereum price broke down from the ascending triangle formation – bear flag. Minimum price target of this triangle is 82$, where the 2.236 Fibonacci extension of the breakout impulse is located. After it broke out from the ascending support, the price made a correction to the 61.80% Fibonacci, where it faced resistance.
Upon a break of 123$, ETH/USD is most like likely to see accelerated sell-off with first target around 92$.
In case of short positioning, the stop should be 4H close/open above 61.8% – $ 138. R/R of the deal – 6.10 on reaching the first target – $ 93.50, 8.00 on reaching the final target – $ 82.
4H break above $ 138 traders will have to watch price action for entry of short positions.
Junior Trader Radi Djuma