ETH Facemelt to $1550
Updated
ETHUSD - 4HEthereum has been in a clear uptrend since the beginning of the month. Trading within this channel has amounted to a charge up with ATH set, followed by a retrace towards the bottom channel line. After momentum changes on the downtrend, it marches back up to an ATH, then retracts.
The movement has been pretty consistent, and we're seeing the rebound from the lower channel attempt now. This attempt should mark a strong thrust upward as buying volume will spike near $1450, with people trying to long price discovery. Entering at $1340 with a target of the fib level at $1551. If momentum is strong I may keep a portion in for the potential ride to $1640.
This is not investment advice and trading cryptocurrency is high risk
Trade active
Choppy choppy choppy. A dance with destiny is near, as ETH swims beneath ATH and towards the bottom channel line. If the channel were to break I'd expect a free fall towards $1000. $1215 is where I bail and flip to short. But I still believe facemelting will happen. ETH has to milk everything it can out of its network effect while 3rd gen blockchains with small fees build out theirs.
Trade active
Melt in progress. Looking for this 4h candle to close above $1480 then a shot up to the exit target at $1550.Trade closed manually
Closed @ $1530 following consecutive rejections at $1540. Cheers everyone!
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.