Ethereum’s recent price action suggests a potential short trade if resistance holds. The market has seen an impulse move into the 0.618 Fibonacci retracement and VWAP SR support, aligning with a lower high and lower low structure.
Key Points:
• Testing Key Resistance: Ethereum is currently trading at the 0.618 Fibonacci level and VWAP SR support, both acting as resistance.
• Lower High Structure: Price action continues to project lower highs and lower lows, favoring further downside.
• Liquidity Below Swing Low: A rejection here could lead to a move lower, targeting the liquidity resting beneath the most recent swing low.
• Next Key Support: The 1,644 daily support level is a major downside target if the trend continues.
If resistance holds, Ethereum is likely to continue its downward trend, making this a favorable short opportunity. However, proper risk management is essential, as price action should always be evaluated in real time. Traders should exercise discretion when executing and managing this setup.
Key Points:
• Testing Key Resistance: Ethereum is currently trading at the 0.618 Fibonacci level and VWAP SR support, both acting as resistance.
• Lower High Structure: Price action continues to project lower highs and lower lows, favoring further downside.
• Liquidity Below Swing Low: A rejection here could lead to a move lower, targeting the liquidity resting beneath the most recent swing low.
• Next Key Support: The 1,644 daily support level is a major downside target if the trend continues.
If resistance holds, Ethereum is likely to continue its downward trend, making this a favorable short opportunity. However, proper risk management is essential, as price action should always be evaluated in real time. Traders should exercise discretion when executing and managing this setup.
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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.
Join our free telegram for market updates: t.me/chartdoctorsanconsultants
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Trade here with the best exchange: blofin.com/invite/alchemisttrader
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.