Today’s analysis – ETHUSDT- trading at a key level where short term downside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Retest
- Daily S/R Objective
(200 MA & POC Confluence)
- Oscillators Neutral
ETHUSDT’s immediate price action is trading with a retest, allowing for a short term bias.
The Daily S/R is current objective, where a bounce is highly probable, this level is in technical confluence with the 200 MA and POC S/R.
Both Oscillators are currently trading neutral, penetrating their control zones will be indicative of weakness.
Overall, in my opinion, ETHUSDT is a valid short with defined risk, price action is to be use upon discretion/ management.
Hope this analysis helps
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