Hello, dear friends, today we are at your service with short-term analysis of Ethereum, if you look at the chart above, the bearish head and shoulder reversal pattern is quite clear. At the bottom, we had a very strong support zone, which the sellers had tried to break four times and failed. After the news of the interest rate increase by the Federal Reserve, the market was in a one-way mode, which means that the price was completely under the control of the sellers. Finally, the flow of sell orders from the whales led to the breakdown of our strong support zone After breaking and stabilizing the price below the support zone, you should completely exit your trades Because the price has fallen again by 61% in a few weeks
Now let's take a closer look at the price movements. Look at the chart above The price has been moving in a strong upward trend We have a supply area where most traders have sold and exited their trades with profit A short-term and long-term support trend line is specified in the chart If the price breaks the short-term trend line, we should expect the price to fall to the long-term support trend line, which is exactly what happened. After the price failed to gather high demand in our support area, the increase in supply by the whales led to the break of our long-term trend line. This is the exit area of the next 50% of our trades. After the price break, we retested it for two steps. he does In this area, the interest rate increase was announced by the Federal Reserve, which caused a lot of fear to enter the market. The price fell by 79% during 2 downward swingsLast month's meeting of the Federal Reserve, which announced that it will not raise interest rates, led to price growth in the financial markets, but be careful that this price growth is short-term, because contractionary financial and monetary policies lead to a sharp decrease in liquidity. It will be marketed In the next 20 days, we have an interest rate increase by the Federal Reserve, and we should expect the price to fall again to the $1,100 range I advise you to be careful in your transactions, now is not the time to buy