1 week ago
15
Key Takeaways
- ETH trading at $2,066, intraday low $2,009: Fibonacci 0.786 at $2,051 held on close.
- Fibonacci levels broken sequentially: 0.236, 0.382, 0.5, 0.618, 0.786 tested.
- Break below $2,000: next levels $1,938 (Fib 1.0), then $1,900 and $1,740.
- RSI at 31.60, approaching oversold on daily: momentum deteriorating but slowing.
Ethereum is trading at $2,066 on the daily chart as of May 23, having touched a session low of $2,009 before recovering above the Fibonacci 0.786 level at $2,051. Three on-chain metrics are read alongside the price structure to determine whether the current decline is a correction or the beginning of distribution.
How the Fibonacci Grid Got Here
The decline from the $2,465 peak has moved through the Fibonacci grid level by level. Price lost the pink zone above $2,340, broke through the orange zone between $2,264 and $2,340, failed to hold the green zone around $2,201, and declined through the teal zone between $2,139 and $2,201. The current session is ...
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