ETHUSD needs to again breach the 200 Week MA @ $222.72, as well as the 20 Week MA just above it at $231.30, in order to make a new swing high above the green 1 at $230.54. Following the TD Sequential 9 earlier this month, Ethereum against the US dollar has bounced back over 20% while currently holding onto approximately 15% of it's gains. A green 2 moving above the green 1 for ETHUSD would be an ultra bullish move, hence a long trade from $232 with a stop loss at $184.5 below the green 1 for a 2.75 risk reward ratio. The target would be the 100 Week MA.
See related ideas:
Altcoins Bouncing From 200 Week MA after TD Sequential 9
Altcoin Dominance Bouncing From 0.382 Fib Retracement
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.