After a 9% day for
ETHUSD
it is approaching my long target, where I would like to reverse and look for shorts. Some of the key levels have changed but the thesis is still the same. Upon retesting the structural level at 3,000, I'll look for a move back below the former range highs at 2813. I expect we could find some support initially at this area. However, the major imbalances formed today are likely to drag the market lower. Another key point is 2618. This was essentially the bottom of the drive up, if bulls plan to retain control, a strong consolidation above this level would support a move higher. That being said, if the market breaches this level, expect for tons of long sided traders to unwind and for the market to fall back to value. While value has served as support recently, It isn't typically going to offer bounces without testing lower prices. Finally, a move into 1995-1857 is where I will be taking long term buy positions in Ethereum. Holding for a move back towards 3800-4000 before reassessing market conditions.
ETHUSD
it is approaching my long target, where I would like to reverse and look for shorts. Some of the key levels have changed but the thesis is still the same. Upon retesting the structural level at 3,000, I'll look for a move back below the former range highs at 2813. I expect we could find some support initially at this area. However, the major imbalances formed today are likely to drag the market lower. Another key point is 2618. This was essentially the bottom of the drive up, if bulls plan to retain control, a strong consolidation above this level would support a move higher. That being said, if the market breaches this level, expect for tons of long sided traders to unwind and for the market to fall back to value. While value has served as support recently, It isn't typically going to offer bounces without testing lower prices. Finally, a move into 1995-1857 is where I will be taking long term buy positions in Ethereum. Holding for a move back towards 3800-4000 before reassessing market conditions. 