ETH/USD Completes 161.8% Extension - Here’s Short Opportunity - Forex News by FX Leaders

ETH/USD Completes 161.8% Extension – Here’s Short Opportunity

Posted Wednesday, January 10, 2018 by
Arslan Butt • 1 min read

Despite the bearish pressure on the Bitcoin, the Ethereum is skyrocketing. Earlier today the Crypto has placed its all-time at $1,384. The herding behavior is boosting the demand for ETH and if you are also the one looking for a buy level, this update is for you…

ETH/USD – 161.8% Fibonacci Extension

Firstly, let me draw your attention towards the 4- hour chart of ETH/USD. The crypto just completed the 161.8% extension at $1,384 and managed to close below the same level.

BTC/USD - 240 - Min Chart

ETH/USD – 240 – Min Chart

Did you notice the candlestick pattern “hanging man” followed by a solid bullish rally? It’s signifying the buyers are looking to take profit and sellers are ready to benefit the short selling.

Key Technical Levels – ETH/USD

Support     Resistance

1,260          1,356

1,230          1,386

1,182          1,435

Key Trading Level:    $1,308

ETH/USD – Trade Idea

So, the idea is to stay bearish below $1,350 with a stop above $1,385 and take profit at $1,245. Good luck.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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