Ethereum bounced off the equilibrium of the 4-Hour Bullish Order Block (OB) almost to the pip but was then met with resistance at the 4-Hour pivot where it is currently trapped below.
The bulls need to break this pivot currently acting as resistance to maintain any bullish momentum they may currently have, but they will be met with heavy resistance by the bears around the range high of $235 who will want to protect their stops at $243.50 which is marked with an "X".
A clean break of this level which is also confluent with a 4-Hour Bearish OB, and I will be looking to long a retest targeting the supply zone above, and possibly higher.
A break below the 4-Hour Bullish OB, and I will be looking to short a retest, targeting the range low and possibly lower if that level does not hold.
The bulls will want to be defending the stops at $211.50 at all costs, which is marked with an "X". If they are unable to do so, we could see a high-velocity move to the downside which would signal a bearish break in market structure.
I will be remaining flat until one of these two scenarios materialize, watching price action develop in the meantime.
The bulls need to break this pivot currently acting as resistance to maintain any bullish momentum they may currently have, but they will be met with heavy resistance by the bears around the range high of $235 who will want to protect their stops at $243.50 which is marked with an "X".
A clean break of this level which is also confluent with a 4-Hour Bearish OB, and I will be looking to long a retest targeting the supply zone above, and possibly higher.
A break below the 4-Hour Bullish OB, and I will be looking to short a retest, targeting the range low and possibly lower if that level does not hold.
The bulls will want to be defending the stops at $211.50 at all costs, which is marked with an "X". If they are unable to do so, we could see a high-velocity move to the downside which would signal a bearish break in market structure.
I will be remaining flat until one of these two scenarios materialize, watching price action develop in the meantime.