Ethereum (ETHUSD) Bounces Off 38.2% Fib Retrace of Rally Since Last March

Ethereum (ETHUSD) strongly bounced back this past week after successfully testing the 38.2% Fib retrace of the bull market since March 2020. Significantly, ETHUSD is trying to reclaim the prior weekly and daily chart upchannel support, with bulls best prepared for a moderately high probability of rejection near current levels this coming week. Regardless of elevated odds for a retest in March of the 38.2% Fib retrace of the gains since March 2020, the likelihood for a deeper slide to the 50% Fib during the same period has reduced to moderate. Congratulations to longer term bulls who remained long ETHUSD or initiated ETHUSD longs after the March crash, with bullish developments profiled in the March 29th analysis and increasing upwards momentum cited April 26th. Bulls were warned recently of ETHUSD becoming overbought February 14th and 21st The weekly RSI, Stochastics and MACD are tiring or consolidating recent losses, weighing on the bottomish daily equivalents.

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