ETH at Critical Resistance + Liquidation Zone | Time to Short?

31 Jul

Today I want to analyze Ethereum(ETHUSDT) on the 1-hour time frame. Is there a short position opportunity?

Please stay with me.

Ethereum is currently trading near a Heavy Resistance zone($4,390-$3,950), Cumulative Short Liquidation Leverage($3,983-$3,878) and the $4,000 (round number). $4,000 could be a psychological number to sell.

In terms of Elliott Wave theory, Ethereum appears to have completed the main wave 3 at $3,860 and is currently completing the main wave 4. The main wave 4 could have a Double Three Correction(WXY) orExpanding Flat(ABC/3-3-5), with the Expanding Flat structure being more likely.

One of the reasons why shorting Ethereum could be better than shorting Bitcoin right now is that ETHBTC(ETHBTC) is currently trading above the ascending channel and is likely to correct to Fibonacci levels.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

I expect Ethereum to drop to at least the Potential Reversal Zone(PRZ)[$3,595-$3,550] and attack the Support lines (Second target).

Cumulative Long Liquidation Leverage: $3,591-$3,543

CME Gap: $3,461-$3,417

Note: Stop Loss: $4,023

Please respect each other's ideas and express them politely if you agree or disagree.

Ethereum Analyze (ETHUSDT), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

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2 Ogo

Dagangan aktif

Full Target Done