Yesterday, despite a rapid surge in the volatility of the main cryptocurrency, Ethereum failed to gain a foothold above the highs of February 4. A new local resistance was formed at the level of 1761.85 on February 5. Now, it is broken and the way to the next target is open for ETH/USD quotes – the level of 161.8 according to Fibo Expansion.
It is important to note that the level of 1761.85 from February 5 is broken, but perhaps the price will still roll back to it, confirming it as support. However, before the target of 161.8 on Fibo Expansion, which is located at the level of 1892.12, the power reserve is not so big. Therefore, to get a better ratio of profit and risk in a trade if you want to buy now, you should switch to a lower time frame, up to 30 minutes, and look for confirmation of the truth of the breakdown of 1761.85 there.
As for the target for growth, the level of 161.8 for Fibo Expansion is just a reference point, and it is still impossible to say unequivocally that it will work. But the level of 100 has worked well, and we will see how it will be with 161.8.
The material has been provided by InstaForex Company – www.instaforex.com
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