ETH/USD continues to coil, putting in another test of support at the same Fibonacci level looked at earlier this week. This is right around the 3350 level, which could be considered as a short-term psychological level, giving a bit of confluence to this zone. That would keep the door open for longs, looking at risk levels below the Fib. If it doesn’t hold, bail fast. If it does, could be a 3x ripper. This was also prior resistance, now turned support.

Ethereum (ETH/USD) Four Hour Price Chart

ETH/USD Price Chart with Fibonacci applied