This week, the altcoin market predominantly shows a decline, although in the long term, signals are forming that indicate a possible increase. So, despite the reports of a record number of unique addresses with more than 100 million ETH on the account, this week, along with other altcoins, I tested support levels. The first target for sellers was the level of $ 233, where an 11.4% Fibonacci correction line and the lower border of the Bear Flag technical analysis model pass (on the chart below, its borders are indicated by purple lines).
Maintaining the impulse to reduce will allow the bears to take profits in the region of the $ 220 mark and the consolidation borders of $ 195– $ 200, below which the line of the 200-day simple moving average is located. One of the key goals for growth is the level of $ 251, a breakthrough of which will fix a bullish trend. In this case, the targets will be the levels of $ 280, $ 300 and $ 320.
