In the second most important cryptocurrency on the market, Ethereum, we saw two attempts to overcome the $ 290 barrier but unfortunately the buying force was not enough and now the price has returned to the pivot point of the week that represents an important support in the price around of the $ 255.
It is clear that at the current levels there are many purchase orders, we can notice it by the long shadows left on the candles causing prices to close above $ 255. A key point in these moments that if lost would entail a strong downward movement to $ 225 which is where we have the next important support.
38% fibonacci seems to be a very attractive level for a rebound if the $ 255 breakout occurs. If 38% is not used as an impulse area, the situation could become somewhat delicate, since the correction would be extended much longer, looking for $ 200 again.
At the moment we can expect a rebound in the current points, but if we are going to enter the purchase we must place a stop very close to the pivot point, this is the key level, if we lose it we would go to the aforementioned levels.