FX.co ★ Ethereum remains on track for our $3,200 target

Ethereum continues making higher highs and higher lows after bottoming on May 30th at $2,170. Price formed a higher low and if this upward move is at least as big as the first bounce from the May 23rd low, then our expectation would be at $3,184.

Blue lines - Fibonacci retracements

Black line - expected size of bounce

Ethereum is moving higher after reversing at the 61.8% Fibonacci retracement. Price is making higher highs and higher lows. Support is at $2,500 and as long as price is above this level reaching the red rectangle area is the most probable scenario. Major Fibonacci resistance is found at $3,300 and breaking above it will be a bullish sign.