Good evening traders,
In today’s analysis we’re focusing on Ethereum, which remains firmly in a strong bearish trend with no current signs of reversal. Price has recently broken back into its previous trading range, confirming a bearish retest at the range high before accelerating downward toward the range midpoint.
Ethereum is now showing signs of minor consolidation on lower timeframes near the midpoint, suggesting that the market has accepted price back within the old range. This acceptance increases the probability of a full range rotation toward the channel low, which is situated around the $800 support level.
At that level, if price action confirms support and presents a valid shift in market structure, it could offer a high-probability long setup with defined risk. This would potentially trigger a full range rotation back toward the highs, continuing a larger high-timeframe sideways structure. Until then, risk management remains key, as the current trend still favors the downside.
In today’s analysis we’re focusing on Ethereum, which remains firmly in a strong bearish trend with no current signs of reversal. Price has recently broken back into its previous trading range, confirming a bearish retest at the range high before accelerating downward toward the range midpoint.
Ethereum is now showing signs of minor consolidation on lower timeframes near the midpoint, suggesting that the market has accepted price back within the old range. This acceptance increases the probability of a full range rotation toward the channel low, which is situated around the $800 support level.
At that level, if price action confirms support and presents a valid shift in market structure, it could offer a high-probability long setup with defined risk. This would potentially trigger a full range rotation back toward the highs, continuing a larger high-timeframe sideways structure. Until then, risk management remains key, as the current trend still favors the downside.
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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.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.