ETH/USD: Smart Money Concepts and Price Action Analysis BITSTAMP:ETHUSD ETH/USD: Smart Money Concepts and Price Action Analysis for Optimal Entries
Analysis:
Price Action Strategy:
Support and Resistance Levels:
Key support level at approximately 3,316.6 USD.
Key resistance level at approximately 3,387.5 USD.
Trend Analysis:
The chart shows a recent downtrend with multiple Break of Structure (BOS) and Change of Character (CHoCH) indicating potential reversals.
The price is currently testing an Order Block (OB) around 3,370.6 USD, suggesting a potential buy opportunity if the price holds above this level.
Smart Money Concepts (SMC):
Order Blocks (OB):
A bullish OB is identified around 3,370.6 USD, indicating a potential buy zone.
A bearish OB is identified around 3,387.5 USD, indicating a potential sell zone.
Break of Structure (BOS) and Change of Character (CHoCH):
Multiple BOS and CHoCH are marked, indicating shifts in market structure and potential entry points.
ICT Strategy:
Fibonacci Retracement Levels:
Key Fibonacci levels are marked: 0.382 (3,357.0 USD), 0.618 (3,324.1 USD), 0.705 (3,403.7 USD), and 0.786 (3,415.5 USD).
The price is currently near the 0.382 level, suggesting a potential retracement and buy opportunity.
Volume Profile:
High volume nodes around 3,380.6 USD and 3,370.6 USD indicate significant trading activity and potential support/resistance zones.
Indicators:
RSI:
RSI is currently around 49.00, indicating neutral momentum but potential for a bullish reversal if it moves above 50.
MACD:
MACD shows a potential bullish crossover, suggesting a buy signal if confirmed.
Buy Opportunity:
entry: 3370.6
tp1: 3387.5
tp2: 3415.5
sl: 3316.6
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