Ethereum blasted past $1000, which is a very substantial technical and psychological level. At that point, it then ascended further to $1160 or so (right before our Fibonacci extension level) before finally petering out and retracing hard. These types of retracements are very common in crypto especially when cryptos are in bull mode. It did seem to find support at $860 and has since stabilized. This is a healthy price for Ethereum and a good buying opportunity. We may be in the corrective phase of a 5-3 Elliott Wave, so anticipate another bull push soon.
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