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Today’s report will include:

Slow price action on Ethereum, this is to be expected after a strong bearish expansion as it tries finds its equilibrium. From a structural points of view, Ethereum remains trading in a range with the range high being the current target.

Points to consider,

Ethereum has been trading below its local Value Area High, this has allowed price to grind down towards lower support where there is technical confluence. The lower support also happens to be the Range Low of the current trading range.

The .618 Fibonacci is in technical confluence with the channel and range low support at $2,419. Holding this area with multiple candle closes will signify strength making the next logical target the Range High at $3,076.

Overall, Ethereum remains trading in a corrective phase that will soon come to an end. How price action forms at the lows will be indicative of the next directional move in this current trading range.

Hope this analysis helps.

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Bitcoin Insider bouncing back to work, See you in the next one! 👊