ETH - Is a new ATH possible? Near the top?
ETH has continued to make strong strides upwards breaking through the 3350-3500 resistance zone and establishing it as a support. ETH now approaches the 3.8 - 4k resistance zone which it must clear before making an attempt at a new ATH.
Analysis: ETH is inside of a bullish trend and as such we fully expect ETH to continue to rise and establish a new high. In terms of a reversal it is best to wait until ETH sets a low below the previous low and breaks the trend then we can suggest a potential reversal.
In context, ETH is not testing support yet and still remains strong. While the low end of the trend is unclear ETH is not yet testing the 3.8 previous low and as such remains strong.
Strategy: In this position, I would be willing to look for buy setups around a potential retest of 3.8k and upon confirmation of a break out with at least a 4h past 4k. In terms of shorting, ETH is near the top end of resistance and as such opens potential for a short based on limited reward/risk.
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Analysis: ETH is inside of a bullish trend and as such we fully expect ETH to continue to rise and establish a new high. In terms of a reversal it is best to wait until ETH sets a low below the previous low and breaks the trend then we can suggest a potential reversal.
In context, ETH is not testing support yet and still remains strong. While the low end of the trend is unclear ETH is not yet testing the 3.8 previous low and as such remains strong.
Strategy: In this position, I would be willing to look for buy setups around a potential retest of 3.8k and upon confirmation of a break out with at least a 4h past 4k. In terms of shorting, ETH is near the top end of resistance and as such opens potential for a short based on limited reward/risk.
Best of luck, Like/Follow for more
Posts Every M / W / F
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