ETHUSD / Daily / Decision time for the rest of the year
Updated
Hello everyone,
Welcome to another analysis. Today, we're taking a look at Ethereum and we will break it down completely.
Recent PA & Current Price
Recently we have seen drop in Crypto Market Cap and in BTC as well. Meanwhile BTC dominance grew to 70%, so alts have melted and seen the drop. ETH was no exception, so we went directly to the support levels. At this moment ETH is trading slightly above support. We have VERY important mirror level at $180-185 zone ($183 precisely) and also a support trendline which was the main TL for this year's uptrend.
Possible Scenarios
It is very likely that in this or next week we will have important decision time for the rest of the year when it comes to ETH price. We have 2 possible scenarios, bullish and bearish.
Less Likely - Bullish Scenario
Following the recent trend in complete Crypto market, we personally think that bulls are giving up and that we will see another crypto market drop so this is why bullish scenario is less likely, but we will cover it as it's a possibility. If $180 zone holds alongside with support TL, we should see quick explosion towards $200-205 region which is intermediate S/R zone. If we break it and hold above with a proper retest, we will gain more momentum and reach resistance zone at $230.
More Likely - Bearish Scenario
For the same reason bullish scenario is less likely, we really eye break of $180 zone and support Trendline. Be very careful and DO NOT enter on break immediately, as it could be a nasty bear trap with price dropping as low as $160 and pulling back really quickly. What is more preferred is that we see proper break and retest of $180 zone, even if the retest takes a month to happen then enter short position upon that retest. Target zones are $145-150 and lower support zone located at $100-105.
Hope you appreciate our detailed breakdown, if you do please like the idea so more people can see it. Have a great trading week!
Welcome to another analysis. Today, we're taking a look at Ethereum and we will break it down completely.
Recent PA & Current Price
Recently we have seen drop in Crypto Market Cap and in BTC as well. Meanwhile BTC dominance grew to 70%, so alts have melted and seen the drop. ETH was no exception, so we went directly to the support levels. At this moment ETH is trading slightly above support. We have VERY important mirror level at $180-185 zone ($183 precisely) and also a support trendline which was the main TL for this year's uptrend.
Possible Scenarios
It is very likely that in this or next week we will have important decision time for the rest of the year when it comes to ETH price. We have 2 possible scenarios, bullish and bearish.
Less Likely - Bullish Scenario
Following the recent trend in complete Crypto market, we personally think that bulls are giving up and that we will see another crypto market drop so this is why bullish scenario is less likely, but we will cover it as it's a possibility. If $180 zone holds alongside with support TL, we should see quick explosion towards $200-205 region which is intermediate S/R zone. If we break it and hold above with a proper retest, we will gain more momentum and reach resistance zone at $230.
More Likely - Bearish Scenario
For the same reason bullish scenario is less likely, we really eye break of $180 zone and support Trendline. Be very careful and DO NOT enter on break immediately, as it could be a nasty bear trap with price dropping as low as $160 and pulling back really quickly. What is more preferred is that we see proper break and retest of $180 zone, even if the retest takes a month to happen then enter short position upon that retest. Target zones are $145-150 and lower support zone located at $100-105.
Hope you appreciate our detailed breakdown, if you do please like the idea so more people can see it. Have a great trading week!
Note
If 183 starts acting as resistance, go short :)
Note
Next up, is to break this support Trendline. Btw, people were buying falling wedge :D
Note
Also, insanely perfect tap of 183, then straight down.Note
We retested Trendline now, and still closing below $183. I adjusted my Stop Loss and set it at $188.50 now. If we see strong leg down, stop will be in profit.
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