"The crypto market is currently testing the resolve of both bulls and bears. Let’s dive into the technicals for $ETH.
Current Price Action: > Ethereum is trading at $2,136.20, attempting a recovery after the recent flush to the $1,736 support zone. While we see some green candles, the mid-term structure remains fragile.
Key Technical Levels:
Short-term Momentum: Price has climbed above the MA(7) ($2,100.95) and MA(25) ($2,063.66). This indicates a temporary relief bounce in the lower timeframes.
The Ultimate Wall: The MA(99) sitting at $2,196.63 is the level to watch. Unless we see a daily close above this mark with high volume, the primary trend remains bearish.
My Strategic Position:
I am currently holding a Short Position with an entry price of $2,326.48.
Risk Management: My liquidation price is calculated at $2,431.26, providing a solid buffer against local volatility.
Profit Target: I am eyeing a retest of the $1,800 - $1,750 liquidity zone to maximize ROI.
The Bottom Line: Don't FOMO into green candles. Wait for a clear rejection at the MA(99) resistance before making a move. Capital preservation is the key to longevity in this game.
What’s your take? Are we heading for a double bottom or a breakout? Let’s discuss in the comments. 📊$ETH $ETH
#ETH #TechnicalAnalysis #tradingStrategy #BinanceSquare #cryptouniverseofficial
