Ethereum / USD - Bitfinex
Ether had it second alltime-high at 395$ and then fell to 222$ in only about 14 days. These two data mark the fibonacci retracement.
After this decline Ether quickly recovered the losses and climbed up to 312$.
Parallel to the rising courses the volume of transactions dropped.
Which was the cause that the price of Ether couldn´t rise above mentioned 312$.
At the moment Ether is entering in a difficult phase.
Szenario a)
Support-level (white line) at 289$, Fib 38% is strong and Ether rebounds
In this case the price can easily rise when volume is also rising; what would be probably.
Szenario b)
Support-level isn´t strong enough and Ether tumbles under 289$ and beyond
In that case the price would fall to 264$ (fib retracement 23%) or in a bad case even deeper.
Actual (22:28 UCT+2) the price seems to stay above the support level!
I would recommend not to buy until it is clear if support level holds or not.
To make it clear: This is my personal oppinion which I like to share with you. I´m not a professional trader!