ETHEREUM Recovering -- Rejects off 50% Fib Resistance at $1,087

Ethereum has been having a nice bounce along with the rest of the coins. We were down huge this morning but have now since recovered and are only down about 4% on the day which closes in about an hour and a half. This has been one of the biggest volume days we've seen. It's still bearish though.

We've seen increasing bull volume on the hourly chart though and technical indicators are finally heading up. The price of ETH ran up and smashed perfectly into the 50% retracement from the high to the bounce low.

We've broken the trend line, so now we're looking to have higher highs and lower lows on the hourly and longer charts. We're looking to pull up the RSI on the 4-hr chart, so we still have lots of bull pressure since we've found support so far and there's no new FUD news.

We're still looking to break the 50% fib and make a new higher high. Volumes are still heavy, so looking for a break of the high.

Happy trading!