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In this analysis I want to review Ethereum for you. Ethereum is by far the most popular altcoin in the market and with a market cap of 520 billion dollars it is ranked 2nd on CoinMarketCap.
⏳ 4-Hour Timeframe
After the bullish leg that started from the bottom of 3380, Ethereum broke 3890 and reached the top of 4806, managing to register a new all-time high.
✨ Currently, the price is in a corrective and ranging phase and has corrected down to the 0.382 Fibonacci level, forming a Maker Buyer zone near this area.
⚡️ A descending trendline has also formed, where the price has tested it multiple times, creating a descending triangle between this trendline and the Maker Buyer zone.
📈 With a breakout of this trendline, we can open a long position. The trendline trigger is at 4488, and this position can be taken as a pre-breakout entry before 4806, with the main trigger being the breakout of 4806 itself.
🔽 On the other hand, if the triangle breaks to the downside, the price will move towards lower Fibonacci levels and can correct down to 3890.
💫 In my opinion, as long as Ethereum is above the 3890 level, its trend remains fully bullish, and if it is supported in this current zone, the next leg up will start even stronger.
💥 The first confirmation of a trend reversal will be if the price stabilizes below 3890, but currently, the price is still far from this level, and as long as it is above it, opening short positions is not logical.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis I want to review Ethereum for you. Ethereum is by far the most popular altcoin in the market and with a market cap of 520 billion dollars it is ranked 2nd on CoinMarketCap.
⏳ 4-Hour Timeframe
After the bullish leg that started from the bottom of 3380, Ethereum broke 3890 and reached the top of 4806, managing to register a new all-time high.
✨ Currently, the price is in a corrective and ranging phase and has corrected down to the 0.382 Fibonacci level, forming a Maker Buyer zone near this area.
⚡️ A descending trendline has also formed, where the price has tested it multiple times, creating a descending triangle between this trendline and the Maker Buyer zone.
📈 With a breakout of this trendline, we can open a long position. The trendline trigger is at 4488, and this position can be taken as a pre-breakout entry before 4806, with the main trigger being the breakout of 4806 itself.
🔽 On the other hand, if the triangle breaks to the downside, the price will move towards lower Fibonacci levels and can correct down to 3890.
💫 In my opinion, as long as Ethereum is above the 3890 level, its trend remains fully bullish, and if it is supported in this current zone, the next leg up will start even stronger.
💥 The first confirmation of a trend reversal will be if the price stabilizes below 3890, but currently, the price is still far from this level, and as long as it is above it, opening short positions is not logical.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.
💥 Don’t Miss Out!
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.