Ethereum is still bullish! (1D)First of all, read the text carefully to avoid any misunderstandings.you should know that the market is currently at a sensitive point, and Ethereum’s bullish move does not necessarily mean other coins will follow the same path.
As marked on the chart, the START of Ethereum’s bullish move began after a lengthy and deep correction. Observing ETH's current behavior, this wave is sharp and appears to be more of a time-based correction rather than price-based. Wave B moved sideways and took significantly more time than wave A, suggesting that wave C could very well begin without a deep pullback, pushing price toward higher levels.
There’s a liquidity pool in the upper area that we’ve highlighted. In order for this momentum to slow down, price likely needs to hunt a major liquidity level.
There was a fresh order block inside the liquidity pool, and although price touched it, there wasn’t a deep reaction | lows weren’t taken out, and all the lows during the correction have remained intact, which is a bullish signal.
It seems that price intends to at least reach the red zone we've marked.
For this scenario to play out, the two green lines near the current price candles must hold. A daily candle closing below the invalidation level would invalidate this outlook.
For risk management, please don't forget stop loss and capital management
Comment if you have any questions
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