Short

Ethereum (ETH): Good Rejection Happening | Correctional Movement

Ethereum had a good rally, but now we are seeing the dominance has fallen to sellers. While seeing the smaller correction that we have been looking for, we are seeing the price fall towards the 100EMA, where we expect to see another upward movement from there on.

So the game plan is simple here: we wait for clarity and proper touch to the 100EMA before looking for a long position on ETH.

Swallow Academy

Note

Ethereum started with decent upward movement after we recently filled the bearish CME gap near $2346, which also marked the successful retest of the broken area (on bigger timeframes).

We are monitoring that area still but seeing the dominance from buyers, we might be seeing a good upwards movement and breakout happening very soon so eyes on resistance!!

Note

Seeing the slight overweight by buyers, we are still looking for our local resistance zone to be retested, considering the current demand for upward movement on the socials. We are waiting for that resistance to be touched, after which we will be monitoring the price development and seeing if we get any proper breakouts with retests from there (PLAN A), or we see a good rejection and MSB to form (PLAN B).

Note

Ethereum has reached an important zone where this area will decide in which direction our next bigger movement. For now we are just going to wait and not rush into any trade but as soon as we see any kind of BOS to form or proper rejection with MSB, we are going to look for proper movement to lower zones.

Note

Buyers are pressing the local high on ETH, where we are looking for a proper breakout to happen soon, so we are switching ourselves to a PLAN A scenario.

As soon as we see some kind of breakout to form, we will be looking for an entry for a long position here so watch closely.

SwallowAcademy

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SwallowAcademy

🚨 Authentic Traders
⚡️ Short-Term + Mid-Term Trades

Keep an eye on us and you will not regret it. 😉

Telegram: t.me/+fiEDSn7M9pJkODA0

Also on: