๐ TECHNICAL ANALYSIS (ETH) - WEEKLY TF
As we can see on the Weekly Time Frame, the structure is still Bullish.
The price has recently reacted to a POI that I named "IDM" for inducement.
From here, 3 scenarios are possible:
โข SCENARIO 1 - Reaction on the demand zone
The price reacts in the demand zone located at 1692 and 1534, then rises towards 2400 which I have identified as Obstacle 1.
We will then observe the price behavior in this zone.
๐ In case of a breakout, there is a good chance that the price will head towards the "Mini-supply-zone" located around 3292, defined as Obstacle 2.
๐ If this zone also breaks, it is quite likely to see the price head towards its recent
#ATH โข SCENARIO 2 - Liquidity sweep
The price can also go after the liquidity located around 1388, before rising again and encountering the Obstacles I mentioned above.
โข SCENARIO 3 - Trend reversal
If neither of the previous 2 scenarios occurs, and a trend reversal establishes, this could open the way for a descent into Hell ๐ฉธ.
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