Ethereum: Validated scenario, bullish movement initiated

Ethereum  rebounded on its dynamic support to go test the 300 USD. Resistance has been passed and buyers seem to be gaining control of the market

Ethereum

Highlight Keys

  • RSI bottom since 2015 (1M)
  • Major dynamic support 
  • Short-term bullish trend
  • Bearish Channel

Ethereum seems perfectly positioned to start up again. Our indicators are for purchase.

Our analysis are entirely done on Binance charts

Ethereum seems to start to rise again. The RSI is on the buy and our indicators give us an uptrend. In addition, we have just rebounded on the support of our bearish channel after a fall of more than 50%. A return to the dynamic resistance at $ 370 seems likely. If buyers get to the broken, the uptrend will be confirmed and we will be able to reposition ourselves up safely. For now, we will expect a return to 320 USD to position in day trading towards 350 USD.

How to take position

We evolve above a pivot support. Better wait until the movement is confirmed to take a position. Indeed, a return to the downside remains possible. We will, therefore, take a position between 320 and 350 USD, and at the exit of compression figure around 370 USD. 

 

 

Should we expect a new correction? 

We have reached a bottom, the trend seems to be starting to rise again. We are immune from a correction as long as prices are above the pivot at $ 300.

Key Levels: 

  • Essentials resistances:  320 – 350 – 370
  • Essentials supports:  250 – 300

 

 

 

 

 


Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.

It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!

Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.

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