ETH/USDT 4H: Patience is Key as Market Finds Direction
ETH/USDT 4H Chart Analysis
Current Market Condition:
- Bearish bias, trading at $3240 with declining momentum.
Smart Money Analysis:
- Selling Pressure: Lower highs indicate institutional distribution.
- FVG: $3400 acting as strong resistance.
- Liquidity Pools: Below $3200 likely targeted next.
Key Levels:
- Resistance: $3400, $3500
- Support: $3200, $3000
- Weekly Low: $2900 (major support).
Technical Indicators:
- Hidden bearish divergence on RSI.
- Money flow suggests ongoing distribution.
Trade Setup (Confidence: 6/10):
- No immediate entry recommended.
- Shorts: Enter if price breaks below $3200 with volume.
- Longs: Only consider if $3300 is reclaimed with strong volume confirmation.
Recommendation:
- Patience is key.
- Market makers are likely accumulating at lower levels while trapping retail in premature longs.
- Wait for a clear break of the range to confirm direction before taking a position.
- Confidence Level: 6/10 for cautious trading in current conditions.
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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.