ETHUSD
The long awaited Ethereum 2.0 is bound to lead to some price volatility with Ethereum very far from its ATH of 1400. Critically, Ethereum presents a better RR Ratio than Bitcoin if a positive scenario holds true for the upgrade. In combination with the virus and current economic meltdown, it could lead to a very interesting end to the year as cryptocurrencies and mainly the large caps rally towards the end of the year.
I’ve chosen a simple trendline and and support/resistance analysis to figure out how to trade Ethereum at this point, we can thus see the 245-250 range has been tested before but it is unlikely that we break it here, therefore, ashort term bearish scenario to then fuel an end year rally.
Therefore, a possible scenario being that we retrace between 150-180 or even 100-110 is a possibility, if you see those levels it is a no brainer buy.
However, currently, if you are not in a position this is not a good place for a long term entry, but for a short term trade it potentially is.
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Don't forget to stay safe and manage risk accordingly.
See you soon (Megalodon Sharks)