3 min readETHEREUM (ETH/USD):
Ethereum has experienced an impressive rally over the past week, posting a week-over-week gain of nearly 20% following Donald Trump’s election as the new U.S. President. Examining the technical indicators below, we can see a decisive breakout above the external descending trend line, and I don’t expect this level to be retested.
If we highlight the high and low of the current price action, it becomes clear that the retest of the descending trend line aligns perfectly with the 50% level on the Fibonacci tool. This level also coincides with the previous resistance area we recently broke, which now has the potential to act as support. Recognising these overlapping confluences is essential when navigating the financial markets.
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