ETHEREUM 🟩🟨🟥 How Ethereum is Making the World a Better Place
🔮With ETH 2.0 getting closer and closer and Ethereum-based DeFi like Compound and MakerDAO blowing up, there is a good deal of bullish sentiment behind Ethereum. Not only that, but the rumors of crypto integration into PayPal is generally bullish for the space, and if ETH gets added, very bullish for Ethereum. The ETH chart doesn't look half bad either.
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Support:
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Summary:
ETH has been slowly and steadily moving higher, creating a range at each step of the way. There is room to pull back at each step, but for now, the bulls are going to want to break up and create a new range higher to show strength.
The ETH news is bullish and DeFi is hot, this isn't the sort of environment where we want to see the ETH bulls show weakness, so a break above R1 sooner rather than later would be a good look.
Resources:[/I]
cointelegraph.com/news/ethereum-20-should-be-secure-and-scalable-but-poses-risks-for-users + cointelegraph.com/news/ethereum-20-likely-to-affect-defi-and-dapps-with-pos-introduction + coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling
✨Drop a comment asking for an update, we do NEW setups every day!✨
We have had a string of excellent Ethereum Idea's, let's see if we can't add another under our belt.
Hit that :thumbsup: button to show support for the content!
Help the community grow by giving us a follow :hatching_chick:
-----
Support:
- S1: A quick pullback to the S1 S/R flip at the prior range where resistance was found offers an ideal entry for the bulls.
- S2: Although S1 is a great entry, the S2 orderblock formed by price inefficiency during the pump is a more likely support and a smart entry point as well. Bulls might want to split their orders between S1 and S2, favoring S2 to be safe.
- S3: If S2 doesn't hold, or if there is a wick down past S2, then the S3 bullish orderblock is the next best bet for the bulls.
- S4: The S4 S/R flip and pivot point does offer another support for the bulls. Finding support here would reinforce the current range of price action above the main pivot point.
- S5: The S5 cluster takes the bulls back to the previous range. Although there is support here, losing the main price pivot point to the bears would be a bad look for the bulls.
Resistance: - R1: The R1 bearish orderblock at the prior swing high range just above the upper trend line is the first point of resistance for the bulls. The bulls will want to break R1 with conviction either immediately or after a retest of support. There isn't a ton to be gained from faltering here much longer given how R1 has essentially marked the top of the range thus far.
- R2: If the bulls can get past R1 then the R2 bearish orderblock at the prior dead cat should see a reaction on the way to R3.
- R3: What would be ideal for the bulls is to rip past R2, see a reaction at the R3 orderblock created from the prior failed swing high back during the COVID crash, and then to find support again on top of R2 creating a new range.
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Summary:
ETH has been slowly and steadily moving higher, creating a range at each step of the way. There is room to pull back at each step, but for now, the bulls are going to want to break up and create a new range higher to show strength.
The ETH news is bullish and DeFi is hot, this isn't the sort of environment where we want to see the ETH bulls show weakness, so a break above R1 sooner rather than later would be a good look.
Resources:[/I]
cointelegraph.com/news/ethereum-20-should-be-secure-and-scalable-but-poses-risks-for-users + cointelegraph.com/news/ethereum-20-likely-to-affect-defi-and-dapps-with-pos-introduction + coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling
✨Drop a comment asking for an update, we do NEW setups every day!✨
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