Technical market overview:
The ETH/USD pair has broken through the old wave A top at the level of $156.91 and made a new swing high at the level of $166.08 before a sudden reversal has happened. The reason was, that the five waves upwards structure has been terminated as the wave C of a bigger degree had been made. Currently, the price is in the corrective cycle that started with an impulsive wave (a) and made a low at the level of $130.96, just where the trend line support was. The nearest technical resistance is the zone between the levels of $142.22 - $145.40 and this area might be the target area for the wave (b).
Weekly Pivot Points:
WR3 - $194.12
WR2 - $178.15
WR1 - $157.27
Weekly Pivot - $142.41
WS1 - $118.18
WS2 - $105.73
WS3 - $81.97
Trading recommendations:
All long term buy orders should be now closed as there is no good setup for entering this king od trade yet. Daytraders can try to open buy orders around the current price levels with a protective stop loss below the wave (a) low. The target is the resistance area of $142.22 - $145.40.
