ETH/USD: The Corrective Move reacher an Interesting Level!

Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the ETH/USD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.

Daily timeframe:


4 hours timeframe:

The market is currently in a corrective move and reached an interesting key level just around the 0.50/0.61% of Fibonacci retracement.
The corrective move formed a clear descending channel with a trading activity balanced between the higher and lower value of the channel, usually a sign the trend is not really strong.
A future price action on the higher value would give us a good possibility or trend change to the upside.

When, where and why would I step into the market?
Before entering the market, I would be sure that the price will completely leave the current descending channel, changing its perspective from bearish to bullish.
At the moment I will not take any action on this market but I will definitely keep an eye on it.
However, the market could still continue its movement to the downside for a while, keeping the price inside the channel. This scenario would invalidate this trade idea.

If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!

Trade safe and responsibly,
Gianni

DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose