ETH Journey To $650 Just Began: $1820, 1689, $1400, $1090....650
Updated
ETH's recovery to 2000 was a secondary trend. However, sellers reacted fiercely as ETH hit the 2013-2019 range, indicating resistance rejection after a pause in the market. Historically, the 1914 to 2174 price range has been essential. Currently, the 1925 support range may provide buyers with a mini bounce to retest the breakdown of the 2k support range, which will now act as a new resistance level.
On the weekly chart, there is strong potential for a pullback to the 1830 or even 1689 support levels. While these levels present a mini-bounce opportunity, it remains uncertain whether the bounce will prevent further price decreases from sellers.
One potential strategy is to pyramid shorts and adds to the trade as the short goes our way. I will continue to update this post as the trades unfold.
If you found this brief analysis informative or helpful, you can show us some love by Liking, Sharing . This post will be updated with free short trade signals, to get instant updates Follow us.
Source:
On the weekly chart, there is strong potential for a pullback to the 1830 or even 1689 support levels. While these levels present a mini-bounce opportunity, it remains uncertain whether the bounce will prevent further price decreases from sellers.
One potential strategy is to pyramid shorts and adds to the trade as the short goes our way. I will continue to update this post as the trades unfold.
If you found this brief analysis informative or helpful, you can show us some love by Liking, Sharing . This post will be updated with free short trade signals, to get instant updates Follow us.
Source:
Note
While The Big Short is still active, ETH is likely to pull-up from this current support of 1825 to the resistance area of 1932, but this resistance can easily be defeated by the buyers a stronger resistance to watch is the 2k to 2088 resistance range is one point that sellers are currently loaded ready to shoot Note
Trade active
ETHereum has been facing difficulties maintaining support above the 1800 level since the beginning of May. This struggle indicates that there might be further upward movement, potentially retesting the sellers' line at 1900. The likelihood of hitting the 1950 resistance increases as buyers continue to gather strength and accumulate around the 1800 support. Our ongoing long-term short position on ETH is still active, with the next target set at 1509. However, it is probable that there will be a bounce towards the 1900 resistance range before reaching this target. Furthermore, it is anticipated that sellers will likely initiate another significant short position in June, possibly around the 2k mark.
Note
The Ethereum sellers have been unsuccessful in pushing the buyers out of the MT Pandora's Box. Most importantly they hit the 1776 suppot, but they are struggling to keep the buyers below the previous low on the daily chart. The pressure on the weekly chart is rapidly increasing, indicating a growing interest from buyers. There is a possibility of a strong spike in the price, potentially surpassing the previous high. However, it is important to note that this spike may primarily be a stop loss hunt targeting early shorters. This brings us to our current active short position on ETH. We will exit 85% of the position at the current support level and close the remaining portion if the buyers exceed 1950.
For the long term, the market sentiment is still bearish, and we plan to short again in the range of 2490 to 2580, targeting a move towards 1500. However, for now, we are taking a long position to allow the bulls to take profit, as market makers are expected to heavily short the market after driving away early shorters.
📈 🚨 #ETH FREE TRADE SIGNAL 🚨 📈
👉 🧿 ASSET:
ETH(ETH/USDT)👉 🧿 ACTION: LONG
👉 🧿 1st ENTRY PRICE: $1814, 2nd $1827, 3rd $1850
👉 🧿 STOP LOSS: $1607 (risky stop $1722)
👉 🧿 1st TAKE PROFIT: 1st $2120, 2nd $2400, 3rd $2487
Note
Hello Friends, In my recent counter-trade update and we take full responsibility, we experienced a significant failure. Consequently, we have exited this particular long trade and will now be increasing our existing short position in the long term. Currently, we still have a 15% position remaining after withdrawing 85% earlier. Given that ETH has successfully breached the support level we attempted to countertrade, it is evident that bearish forces have strengthened. Therefore, it is advisable to align our trades with the prevailing trend, which means adding to our short position. This strategic decision aims to target the next anticipated support level, as indicated by our initial long term signal at 1500.
Related publications
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.