Eth back to reclaim $3500 this weekend
After dumping off last night eth appears to be finding some support around this area of interest.
It broke bearish on the 1hr and 4hr tf due to heavy selling but still maintains bullish structure on daily and weekly tf....however overall its not like aggressively bullish like bitcoin. Even though its bullish on the weekly it did close last week below $3280. For it to become long term bullish again we need to close weekly above $3635 area.
I think it will benefit from btc correlation and make its way back up there though and I think this trade have a good probability of working out.
If get stopped I might stick around and look for a new entry confirmation or avoid it for now.
It broke bearish on the 1hr and 4hr tf due to heavy selling but still maintains bullish structure on daily and weekly tf....however overall its not like aggressively bullish like bitcoin. Even though its bullish on the weekly it did close last week below $3280. For it to become long term bullish again we need to close weekly above $3635 area.
I think it will benefit from btc correlation and make its way back up there though and I think this trade have a good probability of working out.
If get stopped I might stick around and look for a new entry confirmation or avoid it for now.
Note
Decided to close the long
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