ETH → Blast to $2,500 then fall to $1,800? Reversal Time Near?

Updated
Ethereum is far into its bull run from $1,100 to $2,300; with three pushes up and a Weekly RSI near the 70.00 level, and we're near a resistance level. Three initial conditions for a trend change.

How do we trade this? 🤔
These conditions are great indicators that we're near the end of the current bull trend, but we don't yet have any confirmation that we're done. We're still in the bull channel, price is above the 30EMA and we're above the Support Zone. We need a break below the Support Zone with a strong bear bar closing on or near its low and the RSI to remain below the moving average. There is a strong possibility that ETH has enough momentum left to hit $2,500, especially if Bitcoin finishes its Measured Move to $46,000 and takes the rest of the crypto market with it.

Until either scenario presents itself, we should remain on the sidelines and watch the price action unfold.


💡 Trade Ideas 💡

Short Entry: $2,080.00
🟥 Stop Loss: $2,210.00
✅ Take Profit: $1,820.00
⚖️ Risk/Reward Ratio: 1:2


🔑 Key Takeaways 🔑

1. Bull Trend, Bias to Long.
2. Price Remains Above Daily 30EMA
3. Crucial Moment on the Chart. Remain on Sidelines.
4. RSI at 56.00 and below Moving Average, Bias to Short.
5. Reasonable to Short with Confirmation below $2,200.



⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!


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Note
snapshot

ETH found support again at the 30EMA and may be making a break for the next major resistance at $2,520! What we need to look out for is a higher high above $2,400.

Longing now may be risky on this timeframe as we're far away from a reasonable protective stop below the 30EMA. You could 1:1 Risk/Reward scalp this with a small position to resistance, but probability of profit this late in the trend is lower because we're likely getting toward the end where a trading range begins.

If you had zoomed into the 4HR chart and caught this initial buy bar close at $2,222, you should remain long until we get a sell signal:

snapshot

More updates to come as the events unfold!
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