"Jack's Trading Classroom" - ETHUSD Facing Key Resistance

In April 01, 2021, we published a technical analysis titled "Analysis of the Rising Pattern of ETHUSD Ethereum." In the article commentary, we updated to "Therefore, once the upper side breaks through the previous high of 1949.0, a bullish target in the Fibonacci sequence 127.2-138.2 range will emerge (2127.85-2200.18)."

In April 2021, we published a technical analysis titled "Analysis of the Rising Pattern of ETHUSD Ethereum." In the article's commentary, we updated to "Therefore, after breaking through the previous high of 1949.0, we have identified a bullish target in the Fibonacci sequence 127.2-138.2 range at 2127.85-2200.18."

Subsequently, the price successfully broke through the previous high of 1949.0 and has reached the Fibonacci resistance range of 127.2-138.2 at 2127.85-2200.18.

Currently, we are also looking at the four-hour candlestick chart of ETHUSD. Ethereum earlier retraced to the previous high of 1949.0 formed on March 14, after reaching the Fibonacci resistance range of 127.2-138.2 at 2127.85-2200.18.

According to textbook teaching, after breaking through a high resistance, it will become a support. Therefore, we can determine that this retracement is complete, the bullish pattern has not reversed, and the overall view of Ethereum's future remains bullish.

Similarly, the upper resistance range has not been effectively broken through, and we should pay attention to the breakthrough situation. If a successful breakthrough occurs, as mentioned earlier, the next target price can be seen after the breakthrough in the Fibonacci sequence at "161.8 2255.37 Fibonacci resistance level" and "Fibonacci sequence 200 2606.55 cup and handle pattern price target."

If you entered long positions when the previous high of 1949.0 was broken, you can partially close the position in the current resistance zone to lock in some profits. The remaining position should be held patiently, waiting for future developments.

In recent days, the digital currency market has experienced significant volatility. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is for personal reference only. Please trade cautiously, as cryptocurrency trading may pose risks to your capital.

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