BINANCE:ETHUSDT   Ethereum / TetherUS

Ethereum, similar to Bitcoin, also remains in a tentative uptrend. We've successfully made Higher Highs and Higher Lows throughout 2023, however Ethereum has underperformed Bitcoin this year and ETH's chart looks less convicing than Bitcoin's.

Critical support must hold for Ethereum at $1,450. If this levels breaks, we will revisit our Demand Zone between $1,075 - $1,235.

Conversely, we are looking for a successful breakout of $1,780 - confluent with our 20-Period Weekly Moving Average.

Ethereum on the Daily indicates that price has driven back down into our Daily Demand Zone. We've ranged between mid $1500s and mid $1700s for several weeks now.

The trade setup on this timeframe is longing from our Demand Zone back up to Resistance, however I'm not pulling the trigger until potentially daily close. I want to see the Demand really come in. Visually that means I want to see a nice bullish candle with little wick at Daily Close, not going to enter on a Doji Candle.

With all that being said, this is certainly forming up to be a Short Setup on the hourly for Ethereum.

The 50-Peroid Moving Average has acted as firm resistance for all of this downtrend, and price has reached that level again. There's lots of pin bars wicking up into this resistance zone.

Patience is necessary, as a potential Change of Character is always possible. Wait to see if ETH breaks out, then we can trade to the long side. However, if we get any sort of rejection away from this level it's a safe short to a lower low.

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