Ethereum Reaches Growth Targets

As we expected, the prolonged lateral trading in the range $490-$530 ended with Ethereum’s growth to the first of its short-term goals - $580. The error was less than one percent, as the previous day's high was in fact $588, followed by the expected fallback.

With the bullish sentiment still prevalent on the market, the depth of the fallback should not be too great- according to our estimates, buyers will find support at the 0.382 value of the Fibonacci grid, at $555, and the minimum price in the near future should not fall below $530.

Even in that case, the ascending channel will not be broken. The next target for the bulls has not changed- it's $615, and under favorable circumstances, it can be reached within the next few days.

Check the full crypto analysis HERE