We posted BTC's downside targets if we get a drop, now we must examine ETH's price action.
So far ETH has not broken out of its macro triangle (red arrows). Therefore, if we get one more liquidation flush it could provide us with a golden buying opportunity.
The level we would look for is slightly below $2,800 for the perfect retest.
This retest would be macro old resistance being flipped into new support (yellow line).
This retest would also be the 0.618 retracement level from our swing low to swing high.
This retest could also develop a right shoulder of a massive inverse head and shoulders pattern to break us to the upside.
If we see a drop from these highs, sub $2,800 will be the final opportunity before the all time high is broken in my opinion.
On the contrary, If we do end up getting above our white line then we would see an earlier breakout and would look to long any retests of new support. If this breakout happens sooner, I will update this chart with new targets.
So far ETH has not broken out of its macro triangle (red arrows). Therefore, if we get one more liquidation flush it could provide us with a golden buying opportunity.
The level we would look for is slightly below $2,800 for the perfect retest.
This retest would be macro old resistance being flipped into new support (yellow line).
This retest would also be the 0.618 retracement level from our swing low to swing high.
This retest could also develop a right shoulder of a massive inverse head and shoulders pattern to break us to the upside.
If we see a drop from these highs, sub $2,800 will be the final opportunity before the all time high is broken in my opinion.
On the contrary, If we do end up getting above our white line then we would see an earlier breakout and would look to long any retests of new support. If this breakout happens sooner, I will update this chart with new targets.
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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.
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.