Recently ETH has traded inside of a horizontal channel failing to break resistance/support. ETH is forming a wedge against support which in context suggests another bullish run.
Analysis: ETH is forming a wedge against the previously tested resistance of 3350. ETH has continued to make higher lows which forces conditions of a larger scale move of some sort for ETH. This plus the previous bullish movement ETH made suggests the potential for another bullish movement.
Strategy/What to look for: Ulitmalty we are looking to see whether ETH can break 3350 and gather support and test 3500 the upper bounds of the resistance zone. Buy setups should be reserved for the test of the trend, and/or a breakout past the 3350 resistance with respective stop losses.
There is some risk in context of the horizontal channel as the next support level outside of the trend would be 3000. Regardless, in this position, we wait for ETH to break 3350 with at least a 4h or for ETH to fall outside of the trend and look again for setups around the 3000.
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