#ETH ethereum technical analysis 22.7.18

Hey,

So this was requested and i figured why the hell not, i'm waiting on eth as well. So right now Eth retraced almost 100% from that last leg up. Currently it's floating at 0.236 fib level and is due for a bounce. If it fails to do so i'm expecting huge reaction at rectangle area (about 55-53k sats) where it previously bounced off (lowest eth point this year) and creating a double bottom there..

Daily RSI is currently at 28 so it could potentially still go down a bit more. However anything below 30 is a low enough rsi to consider buying. I personally would wait for a reaction at current level.

Again BTC dominance is really high right now and it needs to cool off a bit for alts to bloom. ETH is certainly in a good buy spot right now even though it could potentially go a bit lower.