ETHUSD has broken out south of the range, where it moved inside for days. Bloody Monday took the last DeFi power from it and made it crush down from the declining trendline. My assumption is that negative volatility is back for some days now, with these record low volumes bears have an easy game to drive down the price. ETHUSD loves to wash out stop, so it might do it at every level. The strong support at 169/168 might hold, depending on the general sentiment, but the sentiment is very bearish right now. I will take the profits from my current short at 169. I am planning to re-enter in the strong support zone around156, after cloning the stop wash out it performed before at the past as price might revert from there after that. I am a buyer for ETH from that last level, once it climbed up 158 again. Will search for confluence with an overbought RSI/MACD for the best entry and try to spot divergences.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.