ETH/USD Detailed View on Next Buy Area

In this idea I will explain break down the price behavior of ETH/USD and explain how an ascending channel and psychological support lines can be used to find the next area Ethereum will find support. On this area you will be able to enter a long position trade.

In my previous idea I went into more details how I expect ETH/USD to move towards $240 over the coming month. Also, I explained the importance of psychological support and resistance levels and explained the ascending channel ETH is in at the moment:
Ethereum - The Journey to $240


In this idea I want to zoom in a bit and look at the 15m timeframe. This explains further the importance of the lines I drew on the 4h chart, such as the middle line of the ascending channel that has acted as support before as well.

There are two options now, the price might find support already on the middle line, after which we can enter a long trade. However, I personally want to wait until the price drops closer to the bottom of the channel and plan to buy near the psychological support of $200. This level has caused much volatility before, and I think many people will put their stop loss around this area.

This is usually a great place to position your longs.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!


altcoincryptoCryptocurrencycryptotradingETHEthereum (Cryptocurrency)ETHUSDPAIRpairsParallel ChannelSupport and ResistanceTrend Analysis

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(bắt đầu từ tháng 2 - 2023)
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