Despite pulling back to resistance at $ 300, Ethereum went down again testing the support identified Tuesday at $ 270.
- Uncertain signals
- Major Support
- Bearish channel
- Intact support
Buyers managed to raise prices overnight. Nevertheless, we are not immune to a new correction.
Our analysis are entirely done on Binance charts
Buyers tested the $ 300 pivot identified earlier this week, but sellers regained control of the market. The support at $ 270 has been tested for the third time and seems to hold sellers. A figure more or less similar to the one that initiated the April pullback is being formed. Despite the fall of the last hours, it has not been invalidated. Our plan will, therefore, remain the same. We’re waiting for a breakout, and closing at $ 300 to iron out buyers and our bearish pivot is around $ 250. As long as we are in the figure identified on the daily chart, the trend remains uncertain. Indeed, it is a range, so a figure that is characterized by more or less regular movements between a resistance (300USD) and a support (250-270 USD). In case of exit range, generally, a strong price movement takes place. It is this movement that we are patiently waiting for to reposition ourselves up (300 USD +) or down (250 USD).
How to take position?
We are waiting for Ethereum to leave its graphical figure to resume its upward or downward position depending on the break. As on Bitcoin, Day Trading remains possible in the range. Nevertheless, the profit margin is limited in proportion to the risk margin.
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Should we expect a new correction?
A new correction has begun but the sellers seem to have been retained by the support at 270USD. As long as this support is intact, we are protected from a correction to 250 USD or less.
- Essentials resistances: 290 – 300 – 320
- Essentials supports: 250 – 270
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.