1. Main Trend
Currently, the short-term trend is bearish:
The price is below both the 50 and 200-period moving averages.
The recent movement shows a clear breakdown below previous support levels.
2. Key Levels
Major support: 2,473 (evident from recent lows and corresponding to the lower limit of the Bollinger Bands).
Key resistance:
2,549/2,550 (coinciding with the 50-period MA and the middle BB band).
2,589/2,614 (200-period MA and previous base of consolidation).
Breakdown: There was a clear breakdown below 2,550.
Breakout: Watch for break above 2,589/2,614 for a short-term reversal.
3. Technical Indicators
RSI: 38.83, in slight oversold territory, suggesting the selling may be slowing but with no strong bullish divergence yet.
MACD: Still negative and below zero, but the distance between the lines is narrowing—potential early sign of weakening bearish momentum.
Bollinger Bands: Price currently at or slightly below the lower band, indicating a possible technical bounce.
4. Risk / Opportunity
Suggested trading plan:
Following a sell-off and with RSI in the lower range, there is a possibility for a technical rebound (mean reversion), but the overall setup is still fragile.
Trading setup:
Asset: ETHUSDTPERP
Direction: LONG (attempting a technical bounce, a risky countertrend trade)
Entry: 2,520 (current price/just below 2,525)
Stop-loss: 2,473 (below the recent low, validated by the lower Bollinger Band)
Take-profit:
Level 1: 2,550 (test of resistance/mid BB band)
Level 2: 2,589 (area near the 50-period MA and previous support now turned resistance)
Confidence: Low
Additional notes:
This is a contrarian trade; the main trend is still bearish.
Avoid heavy exposure; consider small size or wait for bullish confirmation above 2,550/2,589 for a safer long.
No strong pattern detected, only technical oversold conditions on the hourly indicators.
If you prefer a trend-following setup:
Short on a pullback between 2,550 and 2,589 with a stop above 2,614 and targets at 2,473/2,450.
Summary: Short-term LONG setup for a potential bounce, but with elevated risk. Main trend remains bearish: be cautious and use strict risk management!
Currently, the short-term trend is bearish:
The price is below both the 50 and 200-period moving averages.
The recent movement shows a clear breakdown below previous support levels.
2. Key Levels
Major support: 2,473 (evident from recent lows and corresponding to the lower limit of the Bollinger Bands).
Key resistance:
2,549/2,550 (coinciding with the 50-period MA and the middle BB band).
2,589/2,614 (200-period MA and previous base of consolidation).
Breakdown: There was a clear breakdown below 2,550.
Breakout: Watch for break above 2,589/2,614 for a short-term reversal.
3. Technical Indicators
RSI: 38.83, in slight oversold territory, suggesting the selling may be slowing but with no strong bullish divergence yet.
MACD: Still negative and below zero, but the distance between the lines is narrowing—potential early sign of weakening bearish momentum.
Bollinger Bands: Price currently at or slightly below the lower band, indicating a possible technical bounce.
4. Risk / Opportunity
Suggested trading plan:
Following a sell-off and with RSI in the lower range, there is a possibility for a technical rebound (mean reversion), but the overall setup is still fragile.
Trading setup:
Asset: ETHUSDTPERP
Direction: LONG (attempting a technical bounce, a risky countertrend trade)
Entry: 2,520 (current price/just below 2,525)
Stop-loss: 2,473 (below the recent low, validated by the lower Bollinger Band)
Take-profit:
Level 1: 2,550 (test of resistance/mid BB band)
Level 2: 2,589 (area near the 50-period MA and previous support now turned resistance)
Confidence: Low
Additional notes:
This is a contrarian trade; the main trend is still bearish.
Avoid heavy exposure; consider small size or wait for bullish confirmation above 2,550/2,589 for a safer long.
No strong pattern detected, only technical oversold conditions on the hourly indicators.
If you prefer a trend-following setup:
Short on a pullback between 2,550 and 2,589 with a stop above 2,614 and targets at 2,473/2,450.
Summary: Short-term LONG setup for a potential bounce, but with elevated risk. Main trend remains bearish: be cautious and use strict risk management!
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.
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.