📢 NFX Market Update – 
ETHUSD
Similar to
BTCUSD, ETHUSD faced strong resistance at $4,785 - no surprise, given the historical weight of that zone. Price has since retreated to retest the previous breakout level, which is now likely to act as support if rejection holds.
This zone also aligns with a block order level, previously marked by multiple rejections before the eventual breakout. While I expect support to hold, there is a chance of a deeper test toward the 200-day SMA before continuation.
Overall, the chart structure remains bullish, and fundamentals are also strongly supportive. With key news and macroeconomic data scheduled mid-week, I remain bullish onETHUSD heading forward.
ETHUSD Similar to
BTCUSD, ETHUSD faced strong resistance at $4,785 - no surprise, given the historical weight of that zone. Price has since retreated to retest the previous breakout level, which is now likely to act as support if rejection holds.This zone also aligns with a block order level, previously marked by multiple rejections before the eventual breakout. While I expect support to hold, there is a chance of a deeper test toward the 200-day SMA before continuation.
Overall, the chart structure remains bullish, and fundamentals are also strongly supportive. With key news and macroeconomic data scheduled mid-week, I remain bullish on
ETHUSD heading forward.Trade active
The NFX Team ™️💚
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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.
The NFX Team ™️💚
Related publications
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.