"Ethereum and ETHBTC Analysis: Potential Correction and Reversa"💹 Let's dive into Ethereum, the queen of the market, and update last week's entry points while analyzing new entry and exit points.
🌟 Weekly Updates:
Starting from Monday to Wednesday, we'll cover , Monday: Bitcoin and Dominance analysis , Tuesday: Ethereum and ETH/BTC analysis , Wednesday: Gold analysis
These are in addition to our daily analyses.
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📊 Previous Analysis Recap:
In our previous analysis, we focused on long positions in Ethereum and gave less importance to short positions. However, after breaking the 3657 support, as mentioned in the previous analysis, the market began to decline, which is completely natural.
We need to look at the chart and this channel realistically. My strategy for breaking this support suggested entering, but it happened around 3 AM, and I couldn't open a position. It's okay, and I can't expect you to have opened a position and profited either. We take a realistic approach here.
📅 Weekly Timeframe Analysis:
On the weekly timeframe, after hitting the significant resistance at 3919 (where we got rejected last time), we're now correcting, but with low volume, which does not confirm a downtrend.
Additionally, the 2872 support is very crucial for Ethereum. If it breaks and holds below, we will turn bearish in the mid-term and move towards lower levels.
🕰️ Daily Timeframe Analysis:
On the daily timeframe, after forming a short-term box and breaking below it with decent volume, we are currently seeing bearish candles. Drawing a Fibonacci retracement highlights the importance of the 3283 and 2872 support levels. Note that the 2872 support is a significant zone, and if we reach it, be vigilant for a potential buy or trend reversal.
📉 Short Position:
For short positions, we currently don't have a trigger. The market needs to build structure, either by resting on the 3424 support and breaking below it, or we wait.
📈 Long Position:
For long positions, we need market structure as well. We always position in the direction of the trend, and with all due respect, we won't open positions on 3283 support just because it's significant, without confirmation of a trend reversal. Sometimes, not having a position helps in the profitability of your trading account :)))
🔄 ETH/BTC Analysis:
Regarding ETH/BTC, I’m still waiting for a confirmation above 0.05184. Once it holds above this level, we can comfortably decide on Ethereum for the long term. However, if you want to short Ethereum, do so when it shows red candles and with a trigger. If ETH/BTC is showing green candles, consider another coin for shorting.
💡 On-Chain Data and Liquidity:
Regarding on-chain data and liquidity, the 3638 support had some long positions liquidated. After passing through them, the excitement in the chart increased, leading to a continued decline. Currently, there are no orders, and we need a new market structure and profit-taking for this to happen.
🔻 Upcoming Supports:
3283 ,3049 , 2872
🔺 Upcoming Resistances:
3657 , 3919 , 4133
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice . We're here to stay in the market and maximize profits by adhering to risk and capital management principles.