Last week we were talking about the $818 and at the moment we are already about $200 higher and ETH has almost tested the resistance at $1249. These two levels are the levels I am currently monitoring on the higher timeframe.
Looking at the 12 hour graph you might have a retrace coming up. The last three candles are two with a huge wick at the top which means that the bears are pushing the price down a lot.
In my opinion we haven't put a decent top on this timeframe yet but if we get ahead of ourselves and pull the Fibonacci over it we see that the golden pocket has confluence with the horizontal support at $818.
To get more details we had to zoom in to the 1 hour graph. Here we see a cautious range, I say cautious because the bottom trend line for a confirmation actually needs to be tested again. We also see a double top formation and as you can already see this often results in a drop. But at the moment it looks like a higher low is being set. Now the task is to hold it and a higher high to put down.
Looking at the rsi and lbr are both good for flames. For this they both have to cross the ema bullish and not rejecten.
Conclusion:
In my opinion, a possible retrace to the 818 dollar remains an option as long as we haven't broken the double top and had a candle close above it. It would be nice to see a decent retest of the double top but as we have seen the last couple of days it can suddenly go fast. Support is $818 and resistance is $1249.
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