$ETH | $USDT SE Analysis

#eth is sitting in price exploration, I'll be removing standard TA from the equation as of now.

Let's integrate retail psychology and pure fib analysis in order to understand why we're stuck here, and what to expect moving forward

Small Thread

[1]

#eth breached its ATH and surpassed the psychological price at 1500$. The previous psychological number is 1K. This puts us in a large range where the 1.618 fib level is around the 2K mark (give or take)

Notice anything special?

[2]

What's special about this is that now we have a new range between 1.5K and 2K.

To render this more accurate, let's establish a new range between the 1 and 1.618 fib levels. Now you'll see that we've rejected exactly at the mid-range.

You guessed it: 1.7K

[3]

So where does this leave us?

We're technically AT resistance here. The safest long would be a breach & retest of 1.7K, where we would target the next midpoint between 2K & 1.7K => 1810$.

Notice that we've held at -1.618 yesterday (Tuesday high) where we found support

[4]

So here are your triggers in case we retrace:

- Take out 1700 and we target 1810 (trouble area)
- Sweep of 1.5k and reclaim => we move higher towards 1810,
- Lose 1.5k decisively + retest => we head towards the previous mid-point of the initial range: 1224$

Rough roadmap

[5]

Special thanks to @PlanktonTrader

Hope you enjoyed this thread! And of course, if you liked it, RT and likes are appreciated!