ETH then and now
Really wanted to post a complete update on #ETH so for this update we chose the 6h chart so that we can have a nice overview of the market structure.
Ever since July , we have been predicting the outcome of the merge with a slightly bullish trend. Plotting Higher lows and higher highs along the way made traders think that we have the possibility to touch the options expiring in september with a strike of 3k or higher.
We warned members and non members in past posts on other supports that the merge will most certainly be a sell-off event, and it did, but first let's look at the general TA patterns.
We like to create lists so it is easy to follow so here we go:
- Higher highs and lows up to a small distribution area that held pretty well .
- Apex at around 2.05k followed by the first break of structure (the base of the right shoulder on the chart) and followed by another lower low.
- Now this area(B on the chart) was a bounce area for all crypto and was mainly based on EURUSD pumping, all the crypto market bounced. On ETH we formed a correlation peak , loss of volume then Break of Structure followed by a lower low.
- We can see clearly that ever since Vitalik's post about the merge being completed, ETH has been dumped , confirming it as a sell the news event.
Now the present:
We have a support block at 1.2k - 1.25k, extremely important to hold this week especially during the FED announcements that we will have on the 21st. Failing to hold this level will give the price action the freedom to test the low at 1k and the $880 mark.
We will absolutely need to break the 1.5k level in order to break this pattern and think about reaching the 1.7k level.
My bet (that doesnt take fundamentals into account!, FOMC announcements and whatnot) is that we will bounce in the block at $1.2-1.5k, and of course this will need volume in order to be confirmed.
Recommendation: Entering in between levels is sub optimal and can bring mitigated results, keep in mind the descending pattern, play longs only when close to important levels, not a fan of futures at the moment, keep it simple.
Ever since July , we have been predicting the outcome of the merge with a slightly bullish trend. Plotting Higher lows and higher highs along the way made traders think that we have the possibility to touch the options expiring in september with a strike of 3k or higher.
We warned members and non members in past posts on other supports that the merge will most certainly be a sell-off event, and it did, but first let's look at the general TA patterns.
We like to create lists so it is easy to follow so here we go:
- Higher highs and lows up to a small distribution area that held pretty well .
- Apex at around 2.05k followed by the first break of structure (the base of the right shoulder on the chart) and followed by another lower low.
- Now this area(B on the chart) was a bounce area for all crypto and was mainly based on EURUSD pumping, all the crypto market bounced. On ETH we formed a correlation peak , loss of volume then Break of Structure followed by a lower low.
- We can see clearly that ever since Vitalik's post about the merge being completed, ETH has been dumped , confirming it as a sell the news event.
Now the present:
We have a support block at 1.2k - 1.25k, extremely important to hold this week especially during the FED announcements that we will have on the 21st. Failing to hold this level will give the price action the freedom to test the low at 1k and the $880 mark.
We will absolutely need to break the 1.5k level in order to break this pattern and think about reaching the 1.7k level.
My bet (that doesnt take fundamentals into account!, FOMC announcements and whatnot) is that we will bounce in the block at $1.2-1.5k, and of course this will need volume in order to be confirmed.
Recommendation: Entering in between levels is sub optimal and can bring mitigated results, keep in mind the descending pattern, play longs only when close to important levels, not a fan of futures at the moment, keep it simple.
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Our website: sublimetraders.com/
Proudly listed on binance-futures-signals.com/
GET Lorentzian ML access - bit.ly/Lorentzian
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