ETH - Getting close to Major levels.
Updated
ETHUSD is moving towards some major levels in time and price. We have the equal time and price with the August 2022 high, April 2023 high giving us a potential high around the 17th of December.
There are double 1.27% Extension areas from those previous 2 highs around 2300.
The 382 from the ATH @ 2400 and if we break that then the 2600 level will be waiting with double 1.618% Extensions.
Once a top comes in the retracement will be key to the next move.
I will post smaller TF targets shortly.
An interesting run into the end of the year might set up the course for next year.
Enjoy the Week. 👍👍
Note
ETH got up to the 382 from the ATH and has sold off a little. Now we look at a chance of a decent PB to the 2000 area again would be an ideal Buying Op. At least I think it should get back down to 2200 first but we shall see over the next couple of days.
Ideal Scenario back to 2000 in an ABCD to buy but no signal yet to get too excited on the short side either.
Updates as we go through the week.
There is the US Interest rate decision on Wednesday which generally moves all markets..
Note
After the spike down on Monday morning it seems to be correcting back towards the 50-61.8% area between 2265-2300. from here this sets up the next push lower into the Major level of 2000. Holding this level will set it in motion for highs again.
However if it drops below 2000 and then rejects 2k on a retest then we start looking at a deeper correction.
A big run into the end of the year might set in motion a move for next year Bullish or Bearish.
Enjoy the week. I will update as the move unfolds.
There is also the less likely scenario where the correction is complete and it continues to move higher but until it starts getting above 2350 this is the alternative option.
Note
After it didn't get that last little high and has fallen away I'm now looking for it to hold where it is but especially above 2127. With a chance at moving up to 2265-2300 and from there we get the next leg down to 2000. Also we will see what the US Interest rates do later on this evening.
Have a great day.
Note
After completing the ABCD PB we were looking for we now have the downside targets to complete the ABCD correction towards the 2k level. It needs to hold this to remain in the Bullish move. Below 2k and we need to look at other scenarios, But as it stands still a bullish correction.
Enjoy the week.
Note
Smaller TF Target area with ABCD @ 2056 down to the 2k level.
Note
So we finally made the upside target and now with the release of the Bitcoin ETFs we might see a sell the fact scenario where we have a correction before moving higher again. The question is what level are we going to?
We have to wait and see where this first move finishes and go from there.
Enjoy the week.
Note
Sorry its been awhile since an update. But we are in a key area for the next move higher or a deeper correction. A lot of the major crypto coins are in a similar position either at major lows or getting close..
A few big weeks ahead but it looks as though there is not a lot of bearish news around to stop things but we know that can change quick.
Enjoy the week.
Related publications
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.