Ethereum – Weak Momentum
In my previous ETH idea, I expressed optimism about ETH’s chances of a bullish continuation. Although I am still bullish on ETH, I scrapped that trade because of the chop. On June 6th, ETH rejected lower prices and looked good to go for higher. However, now it is consolidating, and I cannot tell with confidence if it will go up or down.
The way I see it we have three scenarios:
1. UP: Move up from this price level, unlikely. If it does go up, I will wait for break and retest of the resistance at the 1930$ level to consider a long. (see black arrow).
2. Consolidation: Consolidation, wick down, and up. Be careful with ETH, because even if it goes up, I am positive there will be a wick down to hunt your SL. (see red arrow).
3. Down: If ETH goes down, I would like to suggest the 0.5 & 0.618 Fib retracements as a possible support zone, Between 1625 – 1710 USD. As you can see on the chart this support range incorporates several supports:
a. Upward sloping trendline.
b. Horizontal support level at 1680 USD.
c. Fib retracements.
IMO, we have a decent chance to find support at this level for bullish continuation. (See orange arrow).
My Trade Idea:
• Entry: 1680
• SL: 1612 (maybe a wick below, so be flexible).
• TP: 2000, 2300, 2700, leave some in case we go further up.
NFA
What do you think? Please share in the comments.
Best wishes to all.
The way I see it we have three scenarios:
1. UP: Move up from this price level, unlikely. If it does go up, I will wait for break and retest of the resistance at the 1930$ level to consider a long. (see black arrow).
2. Consolidation: Consolidation, wick down, and up. Be careful with ETH, because even if it goes up, I am positive there will be a wick down to hunt your SL. (see red arrow).
3. Down: If ETH goes down, I would like to suggest the 0.5 & 0.618 Fib retracements as a possible support zone, Between 1625 – 1710 USD. As you can see on the chart this support range incorporates several supports:
a. Upward sloping trendline.
b. Horizontal support level at 1680 USD.
c. Fib retracements.
IMO, we have a decent chance to find support at this level for bullish continuation. (See orange arrow).
My Trade Idea:
• Entry: 1680
• SL: 1612 (maybe a wick below, so be flexible).
• TP: 2000, 2300, 2700, leave some in case we go further up.
NFA
What do you think? Please share in the comments.
Best wishes to all.
