As per my last analysis (attached below), we expected a bearish movement till our lower orange trendline (zone) to look for trend-following buy setups.
Now, since ETH is approaching our orange trendlines, here is what we will be waiting for:
As you can see, ETH is now overall bearish making lower lows and lower highs forming a channel in red. But our upper red trendline isn't valid yet (as it only connects two swings)
So we need ETH to form a new swing high around our upper red trendline, (the closer to the orange trendlines, the better) That's why I have made two projections (in purple) forming two swing highs, for ETH to test the orange trendline before reversing. (Preferred scenario)
But we all know that ETH can still invalidate our scenario now by breaking above our red trendline before forming a new swing high. We don't predict, we react, so in this case, we will update our analysis and act accordingly.
For now, as per the current market condition, we are waiting for a new swing high (or two as mentioned earlier) to form around our upper red trendline to consider it our trigger swing, and then and only then, the reversal setup would be ready and confirmed after a momentum candle close above the last swing high (gray area).
And of course, as price approaches our upper blue resistance and all-time-high (1450 - 1500) we will be looking for sell setups.
Always follow your trading plan regarding entry, risk management, and trade management.
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