In this in-depth technical analysis I will explain the two most important horizontal support and resistance levels right now that I believe you should add to your chart. Then I will explain how you can trade the current ETH knowledge we have and turn it into a 10% profit.
Hi everyone, Trading-Guru here with another update on Ethereum. Since the markets didn't move much recently, I decided to take some time working on the bigger projects I still have in the pipeline.
I am going to publish some really high quality trading guides completely for free and have started a redesign of my website. Follow me here on Tradingview or on the scanner pages on Telegram and keep an eye on my profile to learn where and how to access these!
So without further ado, we can see two major levels on ETH right here.
The first one is the $225-$227 area. This level initially turned out to be a strong form of resistance at the end of April. For those of you who didn't forget about that zone it turned out that it could earn you a lot of money later on.
We see that a classical S/R flip played out here. The level that was resistance first, turned into support later. Still giving importance to this level even after the price broke through it.
I am suggesting to keep this level on your charts and use it for a trade, where should the price retrace to this level again, you can enter with a long position.
Then, let's look at the $250-$254 level. This level came to be suddenly after the rally from 26th of May to 2nd of June ended on a high of $254. When the price got rejected at this level it retraced very quickly to the $225 level.
Next up, there were another three attempts at the ~$250 level and all of them failed. So when keeping this in mind for our trade, I suggest that you take profit directly below the level of $250.
All of this combined gives us a really nice 10% trading opportunity on ETH with fantastic risk reward. Enjoy!
Follow me for consistent high quality updates, with clear explanations and charts. Please like this post to support me.
- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
⋅
I would also like to remind you that I make all of this available completely for free. If you like my work, you can help me out greatly by giving me a thumbs up on this idea