ETHUSDT is ready for the next distribution
Updated
Recently, the price of ETHUSDT had an accumulation phase after an uptrend that brought it above the weekly support level of 1100 $.
During this accumulation phase, the price of ETHUSDT formed a distribution where the price action was congested within a certain range, suggesting that there was an ongoing struggle between buyers and sellers.
An accumulation phase is a period in which a financial instrument's price is range-bound within a certain level, indicating that buying and selling pressures are relatively balanced. During this time, traders and investors are accumulating positions and taking positions in anticipation of a future price move. Accumulation phases often occur after a prolonged downtrend and may precede a bullish impulse, as in this case.
The current price of ETHUSDT is now forming another accumulation phase, which suggests that buyers and sellers are once again in a state of balance. If the price meets the "Plancton's rules," which are a set of technical analysis rules used by some traders to identify potential trend reversals, this may signal a new bullish impulse.
In this case, a long position may be taken with the expectation that the price of ETHUSDT will continue to rise.
–––––
Follow the Shrimp 🦐
Keep in mind.
During this accumulation phase, the price of ETHUSDT formed a distribution where the price action was congested within a certain range, suggesting that there was an ongoing struggle between buyers and sellers.
An accumulation phase is a period in which a financial instrument's price is range-bound within a certain level, indicating that buying and selling pressures are relatively balanced. During this time, traders and investors are accumulating positions and taking positions in anticipation of a future price move. Accumulation phases often occur after a prolonged downtrend and may precede a bullish impulse, as in this case.
The current price of ETHUSDT is now forming another accumulation phase, which suggests that buyers and sellers are once again in a state of balance. If the price meets the "Plancton's rules," which are a set of technical analysis rules used by some traders to identify potential trend reversals, this may signal a new bullish impulse.
In this case, a long position may be taken with the expectation that the price of ETHUSDT will continue to rise.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
9% Note
10% 
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.