Since reaching a height of 4868.8 in November 2021, the value of Ethereum has seen an 81.9% depreciation and an enormous amount of selling pressure from the market. For the next week, I believe that bearish bias will continue and we will see further downward pressure on ETHUSD.
On the 4H timeframe, Current price action is in a downtrend and has formed a 38.2% fib pullback with TP1 @ 1398.7. On minor structure, previous price action completed a 61.8% fib after hitting TP2 @ 1754.6 and sharply reversing. Current price action is selling off and has formed a 23.6% pullback with TP1 @ 1568.7.
My plan is to SELL with TP1 @ 1398.7 and TP2 @ 1568.7
On the 4H timeframe, Current price action is in a downtrend and has formed a 38.2% fib pullback with TP1 @ 1398.7. On minor structure, previous price action completed a 61.8% fib after hitting TP2 @ 1754.6 and sharply reversing. Current price action is selling off and has formed a 23.6% pullback with TP1 @ 1568.7.
My plan is to SELL with TP1 @ 1398.7 and TP2 @ 1568.7
Note
Just for clarification, TP1 is at 1568.7 and TP2 is at 1398.7. I just caught this error a few days after posting this analysis.Order cancelled
So far this is the only markup I've gotten wrong. Price reversed and pushed higher instead of a short term sell off
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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.