Ethereum is testing a hard upside resistance of 2800. If we get a breakout above this resistance we can see an upside continuation to 5000 again. A rejection here will lead to a pullback into 2350 within a flag. A break above this level will mark the ABC correction finished and five waves downside finished. Learn to trade Crypto profitably.
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 2800. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but upon a breakout above 2800. Short trade entries are possible but only on a confirmed price-action break below 2650. You can try a long trade here with a stop loss below 2700 upon a break above 2800. This trade entry has a huge Risk to reward. For inquiries about account management please write to [email protected].
The Weekly Ethereum chart reveals an addition to the previously mentioned, long-term downside channel resistance 2800. A rejection from here will lead to a support test of 2400. As long as the price is above 2100 you can look higher. Only a confirmed break below 2100 will lead to a test of 1800.
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As the famous trader says…
“Successful investing takes time, discipline and patience. ”Warren Buffet
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 2800. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but upon a breakout above 2800. Short trade entries are possible but only on a confirmed price-action break below 2650. You can try a long trade here with a stop loss below 2700 upon a break above 2800. This trade entry has a huge Risk to reward. For inquiries about account management please write to [email protected].