EthereumLong
ETH Macro Ready For Another Rip?
Updated
This is a weekly chart for Ethereum and currently showing so bullish signs for a continuation to the upside on the high time frames.
Current confluence for a continuation is price is retesting the top side of the 200 EMA, taken liquidity below the last low, retesting a long running trend line since the bottom, weekly wave trend is about to cross to the upside, and money flow is rising.
Given the environment it only seems reasonable price would respond positively but there is certainly a potential that price brakes below the trend line and if this were to occur it would be a clear indication we need to head back to the short side for a serious bear market.
IF IF IF the market is going to hold and push up this would be the place.
Current Trading Plan:
Stop loss is only in the 5% range below the current lows
Target 1 will be the 61.8 retrace level from swing high to low approximately 60% higher at 2075.
Target 2 will be just below the next major unbroken high and the 78.6 retrace level approximately 100% higher at 3375.
Trade Well.....
If you want to import this chart into your trading view just hit the share button and select make it mine to make it editable in your account.
Current confluence for a continuation is price is retesting the top side of the 200 EMA, taken liquidity below the last low, retesting a long running trend line since the bottom, weekly wave trend is about to cross to the upside, and money flow is rising.
Given the environment it only seems reasonable price would respond positively but there is certainly a potential that price brakes below the trend line and if this were to occur it would be a clear indication we need to head back to the short side for a serious bear market.
IF IF IF the market is going to hold and push up this would be the place.
Current Trading Plan:
Stop loss is only in the 5% range below the current lows
Target 1 will be the 61.8 retrace level from swing high to low approximately 60% higher at 2075.
Target 2 will be just below the next major unbroken high and the 78.6 retrace level approximately 100% higher at 3375.
Trade Well.....
If you want to import this chart into your trading view just hit the share button and select make it mine to make it editable in your account.
Note
likely still valid and either putting in a sigificant top or headed to the higher targets price action over the next weeks or so should give a good indicatio of macro rejection or continuation.
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