ETH Next Move Fake-Out Zones and Trend Reversals AheadDo you enjoy spotting fake-out areas? I certainly do—it's a key part of my trading strategy. Why? Because fake-outs are the tricks that make the majority of traders lose their money.
Let’s take a look at what’s happening right now: we’ve just seen a break of the triangle structure, accompanied by two fake-out circles highlighted in the orange boxes.
The green, yellow, and red lines represent key support areas I’ve marked from 2023 (the colors don’t mean anything specific it’s just a way to differentiate them). As you can see, price is reacting to these levels quite clearly.
What’s my outlook for Ethereum (ETH)?
Scenario 1: We could see some consolidation within these lines, with movement targeting the levels created by the Fibonacci lines.
Scenario 2: A possible consolidation within the blue box, followed by price action moving upwards, just like we've seen in previous cycles.
Right now, I view ETH as being in a zone of disbelief, and it’s clear that we’ll need some time before we see a shift in the trend to the upside. What’s interesting is that this area on the chart has shown similar behavior in the past, and I believe this could be a fake-out zone, convincing many traders that it’s the perfect time to buy.
Also, I’ve added my new Trend Follower Indicator at the bottom of the chart, which is designed to help you track trends more accurately. This tool can assist in identifying the prevailing trend and potential reversals, making it a valuable addition to your trading strategy.
