As expected, ETH/USD experienced a sharp decline last week, revisiting its recent low.
After this sell-off, the price began to recover and has now risen back to the previously broken support level.
However, the rise has been choppy, overlapping, and corrective in nature, indicating that the downtrend may not be over just yet.
A stop hunt above 2400, especially driven by upcoming inflation data, is a possibility. In my opinion, this could present a good opportunity to enter a short position.
That said, if the price reaches 2500, it would invalidate my outlook.
After this sell-off, the price began to recover and has now risen back to the previously broken support level.
However, the rise has been choppy, overlapping, and corrective in nature, indicating that the downtrend may not be over just yet.
A stop hunt above 2400, especially driven by upcoming inflation data, is a possibility. In my opinion, this could present a good opportunity to enter a short position.
That said, if the price reaches 2500, it would invalidate my outlook.
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🎯 Want More Trading Ideas?
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
📈 Join the FREE Forex & Gold Channel
👉 t.me/intradaytradingsignals
💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.