Technical market overview:
Not much has been going on at the market, as the ETH/USD pair is still continuing to trade in a narrow consolidation zone with a little bias to the downside. The price has broken below the level of $135.47 and currently is testing it from below. 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). From this level, the price might reverse and continue the corrective cycle in wave (c). The projected target for wave (c) is seen at the level of $116.15.
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. Only sell orders should be open on any corrective move up. The good price zone to open first sell orders is located between the levels of $142.22 - $145.40 (targe area for the wave (b)). The first good target for the sell orders is seen at the level of $130.96 and then at the level of $125.83.
