Ethereum (ETH): Looking For A Re-Test of $4000
Ethereum on daily is looking sweet for a potential re-test of local resistance zone.
We had a decent breakout and market structure break so now the next stop should be a decent resistance zone, which is at $4000.
Once we are near that zone, we will look for further market structure development to decide and get a better understanding of which way we will be heading from there!
Swallow Team
We had a decent breakout and market structure break so now the next stop should be a decent resistance zone, which is at $4000.
Once we are near that zone, we will look for further market structure development to decide and get a better understanding of which way we will be heading from there!
Swallow Team
Note
Buyers seem to go for a $4,000 zone where recently they secured the EMAs and our bounce zone, which has been acting pretty well.
We are monitoring now for any possible re-tests that might happen to that bounce zone but overall we want to see a break of local highs here and a movement toward the major resistance zone (within the timeframe ofc).
Note
Well, sellers took over again after forming a nice fakeout above our bounce zone and branch of EMAs where price has landed now on a support zone, one of the most important ones on current timeframes, as if buyers fail to regain control at the current zone price of Ethereum will fall as low as $3000, which is not a small move.
So as of now we are monitoring that support zone where if we see a breakdown we will short and if we see the regain of control by buyers we go with the flow 😉
Note
Ethereum has dipped almost 5% since yesterday, when sellers were taking control near the local support zone (turning it into resistance).
We are looking for a full breakdown from there and a proper move that would secure this zone and lead price towards the 3000......we wait!
Note
Ethereum had broken the smaller support, where currently we are re-testing it.
We are looking for a successful re-test here, which would send the price to even lower towards the $3000 zones so wait for confirmational rejection before going into the treda here!
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