ETHUSD - 6 months long consolidation
ETH USD has seen a long consolidation for almost about 6 months after taking out the resting supply side liquidity after hitting the ATH of 4800.
This supply side liquidity created a new low as of April, 2024 @ 2813 and has not been able to break this area of demand creating a long range consolidation.
Price usually breaks out after long consolidation in either direction (This is important to keep in mind, so that we don't have a bias).
The recent ETF approvals also showed interest for the second largest cryptocurrency with net inflows of $106 million last Tuesday, July 24th.
Here are my key levels of interest:
For a break upwards from this consolidation a key level is the $3234. We want to see price stay above that because it the supply zone from which price broke out.
Long:
If we see strong buyers volume in the coming 2 weeks, we should see a break of the consolidation trend line and test the liquidity present in previous supply @ $3923-4092 and if we can break that then $4783 could come real fast.
Short:
We break the swing low at $2813, we can see $2575 and if the demand size liquidity gets rejected at the previous swing low, then $2115 could be tested.
This supply side liquidity created a new low as of April, 2024 @ 2813 and has not been able to break this area of demand creating a long range consolidation.
Price usually breaks out after long consolidation in either direction (This is important to keep in mind, so that we don't have a bias).
The recent ETF approvals also showed interest for the second largest cryptocurrency with net inflows of $106 million last Tuesday, July 24th.
Here are my key levels of interest:
For a break upwards from this consolidation a key level is the $3234. We want to see price stay above that because it the supply zone from which price broke out.
Long:
If we see strong buyers volume in the coming 2 weeks, we should see a break of the consolidation trend line and test the liquidity present in previous supply @ $3923-4092 and if we can break that then $4783 could come real fast.
Short:
We break the swing low at $2813, we can see $2575 and if the demand size liquidity gets rejected at the previous swing low, then $2115 could be tested.
Note
Correction to levels: The swing H is $4092 and the ATH is $4783 on the chart. Not sure how to delete or edit it.
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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.