It's time to Long ETH to range high? or it'll go crashing down!
As of August 16, 2024, Ethereum (ETH) has closed above the discount zone, signaling a potential move towards the range high or premium zone. This technical setup suggests that ETH is likely to continue its ascent within the current ranging market.
In this context, there are promising long opportunities for ETH as it aims to move from the discount zone to the premium zone or range high. Traders should consider entering long positions with the expectation that ETH will trend upwards towards these target zones.
However, it's important to remain vigilant of Bitcoin (BTC) correlations. If BTCUSD were to retest and drop below its recent range low at $56,693.88, it could impact ETH negatively and introduce potential volatility. Despite this risk, the current bullish signal for ETH favors long positions until it reaches the range high or premium zone.
In summary, with ETH showing a confirmed close above the discount zone, there are favorable long opportunities towards the range high or premium zone. Keep an eye on BTC for any potential impacts on ETH’s price action.
In this context, there are promising long opportunities for ETH as it aims to move from the discount zone to the premium zone or range high. Traders should consider entering long positions with the expectation that ETH will trend upwards towards these target zones.
However, it's important to remain vigilant of Bitcoin (BTC) correlations. If BTCUSD were to retest and drop below its recent range low at $56,693.88, it could impact ETH negatively and introduce potential volatility. Despite this risk, the current bullish signal for ETH favors long positions until it reaches the range high or premium zone.
In summary, with ETH showing a confirmed close above the discount zone, there are favorable long opportunities towards the range high or premium zone. Keep an eye on BTC for any potential impacts on ETH’s price action.
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