As it can be inferred from the graphical representation, the price is currently sitting on a massive zone of support that nicely aligns with the lower boundary of the formed wedge. Although our overall bias remains bearish for ETH/USD, we are expecting for a middle-term correctional move to happen before we can go short again. We are setting our initial target at the $2500 zone of previous support later turned resistance.
Happy trading, everyone!
Happy trading, everyone!
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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.