Ethereum Bulls to Target $2,100 on Easing Recession Fears Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.
On Friday, ETH joined the broader crypto market in a bullish session, gaining 6.28% to end the day at $1,996.
US economic indicators and staking statistics supported an ETH return to $2,000.
However, the technical indicators remained bullish, signaling a return to $2,100.
BIAS SHORT- and MIDTERM BULLISH
Stong Supports 1594 D-POC AND 1034
NEXT WEEK IS IMPORTANT
A PULLBACK TO 1034 WITH LOW VOLUME MEANS THE BULLS
WILL DISTIBUTE THEIR POSITIONS AND MOBILIZE TO ATTACK THE BEARS VERY AGRESSIVELY
A PULL BACK WITH HIGH FAT THICK LONG VOLUME MEANS BEARS
GONNA TAKE FULL CONTROL OF THE MARKET AND SEND ETHEREUM TO THE DEEPEST LEVELS POSSIBLE
LOSING OF 1034 MEANS CRYSTAL CLEAR ABSOLUTE BEAISH TREND
ON THE SAME TIME THIS ZONE IS A LOW VOLUME AREA: IF VOLUME IS INCREASING IN THIS AREA AND THE BULLS DO NOT ANSWER AGGRESSIVELY AND QUICK, we will ceate a midtem sideways and consolidating area: WHAT DOES THAT MEAN?
WELL THE BULLS TRY TO TAKE PARTIAL POFITS OR COMPENSATE THEI LOSSES WHILE SELLERS AND BEARS WILL ACCUMULTAE MORE CAPITAL AND LIQUIDITY TO PRESS DOWN THE COIN
THEN 1034 WILL BECOME THE FIST BUT VERY STRONG RESISTANCE!
MY 8Q STRATGY: 6Qs ae bullish 2Qs neutral: bUT THE MOST IMPORTANT AND LAT CONFIRMATION IS BEARISH
I CALL THIS BULL/BEAR TRAP DESTROYER!!!
AND SEE YOURSELF THE PAST RESULTS!!!! AMAZING HUH?
WELL UNTIL THIS LAST CONFIRMATION IS RED I TRADE THE BEARISH SETUP: GOING SHOT NEAR OF THE HIGH
AND PUTTING A VERY TIGHT STOP AT AROUND 2180USD!
WHY?
BECAUSE THE 2093 THE CONFLUENCE WEDGE LINE IS VERY IMPORTANT TRIGGER
THAT ALMOST WORKS AS SUPPORT AND RESISTANCE!
BREAKING ABOVE 2096+ pullback and holding above this area+ High volume means BULLISH SET UP. Better: Use divergence if pullback
(SEEL PULLBACK SCENARIO in PINK)
You must have highe highs and higher lows and then take the move after the 2nd HH and HL
Stop. I give more rooms to trae and try to myake it very difficult for the maket to hit me.
You Stop. DEPENDS ON YOU RISK AVERSION ;CAPITAL SIZE;ACCOUNT SIZE;LOT SIZE
But I recommand ALWAYS TO WORK WITH STOPS !!!ALWAYS!!! AS PROTECTION YOUR CAPITAL IS THE MOST IMPORTANT LAW AND RULE OF SUCCESSFULL TRADING!!!! EVER!NEVER!
A mixed start to the day saw ETH slip to an early low of $1,876. Steering clear of the First Major Support Level (S1) at $1,858, ETH rallied to a late afternoon high of $2,000. ETH broke through the Major Resistance Levels to end the day at $1,996.
US Jobs Report Eased Recession Jitters but Leave Fed Rate Hikes Subdued
It was a busy Friday session for the global financial markets. The all-important US Jobs Report drew interest ahead of next week’s US CPI Report.
Nonfarm payrolls jumped by 253k in April versus a forecasted 180k increase. In March, nonfarm payrolls rose by 165k. Significantly, average hourly earnings were up 4.4% year-over-year versus 4.3% in March. Economists forecast average hourly earnings to increase by 4.2%.
As a result of the better-than-expected NFP number, the US unemployment rate fell from 3.5% to 3.4%. Economists forecast the unemployment rate to rise to 3.6%.
The Jobs Report eased recessionary fears, supporting riskier assets. However, market bets on a 25-basis point Fed interest rate hike in June remained subdued. According to the CME FedWatch Tool, the probability of a 25-basis point June interest rate hike rose from 0.0% to 8.5%. The Jobs Report did wipe out bets of a June rate cut, with the chances of a rate cut falling from 9.2% to 0.0%.
While the combination of easing recessionary fears and subdued bets of another Fed rate hike delivered support, sentiment could change on Wednesday. The US CPI Report has to show softer inflation to keep the Fed hawks silent.
