ETH is back with strong buyside dominance after the choppy rollercoaster movement. Since our entry we have filled so far our first target area, where we took some profits and moved SL to entry so now we are waiting for the next target to be hit to take more profits and move SL once again closer.
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Swallow Academy
Note
Ethereum is still in a sideways channel on smaller timeframes, where we are looking for the price to reach the $2,834 area. Once there, we will be monitoring closely to see either the breakout from there or another rejection and smaller ride to lower zones.
Overall we are bullish on ETH; liquidity needs to flow here now.
Note
Ethereum is doing much better compared to Bitcoin, that's for sure, but it does not mean that ETH is not struggling.
We see the pressure that sellers are putting on, trying to regain the control over the 200EMA, which is a crucial area for us right now.
So while we keep our target at $3000 (first target), we also keep close attention to that moving average, where if we lose dominance, we might be heading to lows here...
Note
Struggle is huge on Ethereum, where we are at a major support area (or let's call it a neckline, as it suits it more here), which is also close to the 200EMA.
So strong a base has formed there that each time we reach that point, we see a strong bounce and dominance from buyers, and yet we always go back to that area.
So, same as Bitcoin, we wait for any more confirmations near the current zone. If we see a breakdown from the neckline area, the drop will be nasty; if we see proper buyside dominance, we will be heading for $3000. So let's wait...
Note
Buyers are taking control near the 200EMA, which could give us a really good bounce to upper zones from here on.
We see whales accumulating the ETH, which confirms our saying that Ethereum has not yet reached its potential.
The key zone is the 200EMA as of now.
Note
Ethereum is showing some signs of recovery, where buyers might be into something here. If we keep same volume momentum until the end of the day, we might see another attempt to go for the $3000, which is our major target as of now.
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๐จ Authentic Traders
โก๏ธ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. ๐
Telegram: t.me/+fiEDSn7M9pJkODA0
โก๏ธ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. ๐
Telegram: t.me/+fiEDSn7M9pJkODA0
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.