ETHEREUM ($ETH) 📐 | ETH Shortcuts - The Easy Way to Big Money
😈 Ethereum (ETHUSDT) looks decent enough, we have some solid support directly below that should allow the bulls to continue the uptrend. If that support doesn't hold, then the overall bullish momentum of the current uptrend could be threatened.
While the bulls mostly just have that local support on their side, there is a little bit of potentially good news to consider due to open interest on Ethereum options having surged recently. This doesn't necessarily suggest that we'll get more upside, as the options could be simply being used as a hedge, but the action is notable none-the-less.
Support:
Our first support for ETH is the S1 orderblock and S/R flip cluster that we just tested and found a reaction off of. The simplest path for the bulls is to ride the current momentum up after the retest of that major pivot point which just occurred.
If S1 can't hold, the next logical support is the S2 bullish orderblock cluster. The bulls will still keep a relatively bullish price structure here if retested.
Resistance:
The R1 S/R flip at the prior breakdown range is the first point of resistance for the bulls. As you can see, we don't necessarily expect an immediate break of this level, but the bulls will need to breach it without too much hesitation to show the market they are in control.
Above R1, the R2 bearish orderblock at the prior swing high is the only thing standing between the bulls and continuation to the upside.
Summary:
The bulls will want to hold above S1, as a lack of buying interest here would likely result in consolidation and a return to the downtrend. It isn't that S2 won't result in more upside, it is simply that maintaining the current uptrend is a lot simpler to do if S1 holds.
Resources:
cointelegraph.com/news/ethereum-options-open-interest-soars-315-are-institutions-bullish
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While the bulls mostly just have that local support on their side, there is a little bit of potentially good news to consider due to open interest on Ethereum options having surged recently. This doesn't necessarily suggest that we'll get more upside, as the options could be simply being used as a hedge, but the action is notable none-the-less.
Support:
Our first support for ETH is the S1 orderblock and S/R flip cluster that we just tested and found a reaction off of. The simplest path for the bulls is to ride the current momentum up after the retest of that major pivot point which just occurred.
If S1 can't hold, the next logical support is the S2 bullish orderblock cluster. The bulls will still keep a relatively bullish price structure here if retested.
Resistance:
The R1 S/R flip at the prior breakdown range is the first point of resistance for the bulls. As you can see, we don't necessarily expect an immediate break of this level, but the bulls will need to breach it without too much hesitation to show the market they are in control.
Above R1, the R2 bearish orderblock at the prior swing high is the only thing standing between the bulls and continuation to the upside.
Summary:
The bulls will want to hold above S1, as a lack of buying interest here would likely result in consolidation and a return to the downtrend. It isn't that S2 won't result in more upside, it is simply that maintaining the current uptrend is a lot simpler to do if S1 holds.
Resources:
cointelegraph.com/news/ethereum-options-open-interest-soars-315-are-institutions-bullish
Hit that 👍 button to show support for the content and help us grow 🐣
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