Technical market overview:
The ETH/USD pair has been unfolding the wave 4 corrective cycle after the top for the wave 3 at the level of 177.13. So far the correction was very deep and sudden, so it indicates a form of a ZigZag pattern or even a part of a Triangle pattern, which is very characteristic for this kind of correction. The low was made at the level of 151.02, just a little below the technical support at the level of 152.01. the bounce from this level was quick as well and now the market traders around the level of 160.00. The correction continues.
Weekly Pivot Points:
WR3 - $163.07
WR2 - $154.26
WR1 - $146.96
Weekly Pivot - $137.84
WS1 - $131.51
WS2 - $121.49
WS3 - $115.39
Trading recommendations:
The corrective cycle is still unfolding and the main impulsive cycle is not completed yet, so only buy orders should be opened. The main technical support and a good level to place the protective stop-loss orders for bulls is seen at 151.00.
