ETHUSD Lower Highs and 1D MA100 are the key. How to trade those.

9 Mac 2022

Ethereum is currently testing its 1D MA50 (blue trend-line) and even though it has marginally broken above it three times since December 09 2021, it failed to hold a sustainable rise and got rejected under the pressure of a Lower Highs trend-line.

The very same Lower Highs trend-line has been seen during the previous correction and subsequence Accumulation Phase on ETH's bottom, below again the 1D MA50. However, it was when the 1D MA100 broke (green trend-line), which happened to be just below the 0.382 Fibonacci retracement level, that ETHUSD confirmed entering a bullish trend long-term.

We just so happen to be on a similar situation now, with the 1D MA100 declining rapidly near the 0.382 Fib. We monitor the price action first for a break above the Lower Highs trend-line and then for a break-out above the 1D MA100, in order to confirm the bullish reversal on the long-term. In that scenario, look for a first High near the 0.618 Fib, as in August 2021, which is currently just over $3800. If the Lower Highs trend-line rejects the price again look for a pull-back towards the 2160 low again.




--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------