ETH → Blast to $2,500 then fall to $1,800? Reversal Time Near?Ethereum is far into its bull run from $1,100 to $2,300; with three pushes up and a Weekly RSI near the 70.00 level, and we're near a resistance level. Three initial conditions for a trend change.
How do we trade this? 🤔
These conditions are great indicators that we're near the end of the current bull trend, but we don't yet have any confirmation that we're done. We're still in the bull channel, price is above the 30EMA and we're above the Support Zone. We need a break below the Support Zone with a strong bear bar closing on or near its low and the RSI to remain below the moving average. There is a strong possibility that ETH has enough momentum left to hit $2,500, especially if Bitcoin finishes its Measured Move to $46,000 and takes the rest of the crypto market with it.
Until either scenario presents itself, we should remain on the sidelines and watch the price action unfold.
💡 Trade Ideas 💡
Short Entry: $2,080.00
🟥 Stop Loss: $2,210.00
✅ Take Profit: $1,820.00
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Trend, Bias to Long.
2. Price Remains Above Daily 30EMA
3. Crucial Moment on the Chart. Remain on Sidelines.
4. RSI at 56.00 and below Moving Average, Bias to Short.
5. Reasonable to Short with Confirmation below $2,200.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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