Hello Traders!
ETH has been in a correction phase since December. The sellers' momentum is decreasing, the buyers' activity is still enough to hold the market.
The buying impulse, which will create a breakdown of the existing downtrend, can be the driving force for the market reversal. The next trigger will be a price breakout beyond the $3100 resistance level near which the MA100 on the daily timeframe is located.
In order to begin purchases, it is necessary to wait for the exit of the price behind the level of $3100 with fixing.
A more risky variant is to work from the current price marks. In this case, it is possible to get a good risk/profit ratio.
The targets for correction of the downward movement will be the price levels of $3700, $3970, and $4372.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
ETH has been in a correction phase since December. The sellers' momentum is decreasing, the buyers' activity is still enough to hold the market.
The buying impulse, which will create a breakdown of the existing downtrend, can be the driving force for the market reversal. The next trigger will be a price breakout beyond the $3100 resistance level near which the MA100 on the daily timeframe is located.
In order to begin purchases, it is necessary to wait for the exit of the price behind the level of $3100 with fixing.
A more risky variant is to work from the current price marks. In this case, it is possible to get a good risk/profit ratio.
The targets for correction of the downward movement will be the price levels of $3700, $3970, and $4372.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
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.
Disclaimer
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.