Please refrain from pursuing this idea; it's only being documented for reference purposes.
Observation: There appears to be a bullish flag and rectangle pattern, with a partial convergence of prices. There might be a potential divergence on the Relative Strength Index (RSI) accompanied by declining volume, possibly due to the "weekend" effect. Lots of bullish news.
If volume increases this week, there's a likelihood of a further upward movement. Additionally, with the implementation of Layer 2 scaling solutions on March 13 and reduced fees, positive news could propel ETH prices higher.
Be aware, of possible price drop if halving historic trends of BTC lead ETH down a similar path. It's advisable to reassess the situation based on the volume and price action observed on Monday and Tuesday.
Observation: There appears to be a bullish flag and rectangle pattern, with a partial convergence of prices. There might be a potential divergence on the Relative Strength Index (RSI) accompanied by declining volume, possibly due to the "weekend" effect. Lots of bullish news.
If volume increases this week, there's a likelihood of a further upward movement. Additionally, with the implementation of Layer 2 scaling solutions on March 13 and reduced fees, positive news could propel ETH prices higher.
Be aware, of possible price drop if halving historic trends of BTC lead ETH down a similar path. It's advisable to reassess the situation based on the volume and price action observed on Monday and Tuesday.
Trade closed: target reached
entry: 50% 2506.00 / 50% 2551.84exit: 100% 2597.93
reentry condition if the 2600 S/R holds on hourly.
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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.