Cryptocurrencies fell amid a corrective decline in bitcoin. Ethereum quotes, despite attempts to gain a foothold above the local level of 1704.40, did not hold and fell to the next support of 1697.27.
The question of whether the local level of 1697.27 will stand is still open. The current attempts to break it still look uncertain, but it is too early to draw final conclusions. With the current technical picture from the horizontal of 1697.27, both an upward rebound of ETHUSD and a breakdown are possible. It is necessary to wait for more clarity on the chart.
Will the ETHUSD pair be able to return to growth and reach the level of 161.8 on Fibo Expansion? The price is in the middle of a wide range between the 100 and 161.8 levels of the Fibonacci extension. Theoretically, the quotes can move in any direction. In addition, the target of 161.8 for Fibo Expansion is indicative, it is completely unclear whether it will work out.
Another point is that bitcoin has moved out of the consolidation range downwards, and since the correlation between the first and second cryptocurrencies persists, Ethereum may also fall. But in my opinion, it is still worth waiting for a clear signal from the technical analysis.
The material has been provided by InstaForex Company – www.instaforex.com
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