Going Short on Ethereum

ETHUSD

We are currently on a Bear Market in Ethereum, we just bounce from $168.88 USD to $178.44 USD, the hourly stochastics is back to overbought levels, and we may have just finished a wave 2 in Elliott Wave Terms in a very small-time frame.

Also, BTCUSD is very close to $11,000 USD a big important resistance, so this may just look like a great place to short.

I’m going short here at $177 USD with stop at $184 USD, my target is $150 USD, which represents about 2.382 times the size of the first impulse wave down from $183.16 USD to $168.88 USD ($14.28 USD), which equals to $34.01 USD. $183.16 minus $34.01 equals $149.15 USD.

I’m also expecting Bitcoin to go back to about $9,300 USD, which would be necessary for Ethereum to be able to go down to $150 USD or lower.

So here is the trade, I’m using Bybit to short Ethereum, if anyone wants more information about it feel free to contact me.

Good luck in your decisions

Trade closed manually:

I'm closing the trade for now with a 2.9% ($5.1 USD) gain, it is bouncing very hard outperforming Bitcoin big time, also Bitcoin Dominance is starting to go down. I may reopen the short soon, of it it breaks $165 USD. But for now it is better to just close it with a small profit.

Good luck to you.

Comment:

I'm reopening my short here at $180 USD, the stop is the same $184, and the target is the same $150 or lower. I'm just rearranging my wave count here where wave 2 is an expanded flat, that should finished below the start of wave 1. Here is the chart:

Good luck in your decisions.

Trade closed manually:

Waiting for a clearer entry to go short again. Out with a small profit.