There is a saying that the market often gives third chances, but not the fourth. We saw Ethereum dip to the 240-245 level three times in the past two days, giving buyers three chances to pick up on the dip.
A triple bottom with a bullish divergence on the 1H is a pretty convincing sign that Ethereum dip is over. A clean break of the 263 level also avoided another potential LTF head and shoulders pattern formation.
From macro perspective (1D, 1W) we see that the parabolic trend is still in tact and aiming for $300 next. We may see some further consolidation in the 270-280 range as the market regains confidence.
If you are trading actively with leverage, monitoring price action and adapting your strategy is key to being profitable.
Remember to like and follow if you found my analysis helpful.
A triple bottom with a bullish divergence on the 1H is a pretty convincing sign that Ethereum dip is over. A clean break of the 263 level also avoided another potential LTF head and shoulders pattern formation.
From macro perspective (1D, 1W) we see that the parabolic trend is still in tact and aiming for $300 next. We may see some further consolidation in the 270-280 range as the market regains confidence.
If you are trading actively with leverage, monitoring price action and adapting your strategy is key to being profitable.
Remember to like and follow if you found my analysis helpful.
Note
263 area is key for Ethereum and the cloud agrees. If we break down here, expecting 250 and possibly below. We broke this area convincingly yesterday, so I think this is a healthy re-test.
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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.