Technical market overview:
The ETH/USD pair has been trending around the level of 134.00 lately which is in the middle of the local range between the levels of 130.94 - 139.63. Moreover, the price is still under the trendline (marked in orange), which indicates an inability of bulls to move higher towards the level of 139.63. The wave (c) of the wave X of the higher degree is still unfolding and it should break through the support at the level of 130.94 with ease. The nearest target then is seen at the level of 127.85.
Weekly Pivot Points:
WR3 - 140.08
WR2 - 144.31
WR1 - 138.13
Weekly Pivot - 134.32
WS1 - 128.34
WS2 - 124.63
WS3 - 118.55
Trading recommendations:
The market is still unfolding the wave (c) to the downside, so according to this bias only sell orders should be opened on every upwards correction up to the level of 139.63 ( the lower boundary of the supply zone). The targets ( take profit levels) are seen at the levels of 130.94 and 127.85.
