Ethereum has been in an uptrend for a couple of weeks now and we are getting very close to some key levels. I am looking at three levels at the moment.
1. $4,000 as it is a psychological round number where liquidity often sits.
2. $4,092 which is the next daily swing high.
3. $4,286 which is the beginning of the monthly bearish order block.
Pair this with the approval of the Ethereum ETFs recently and I believe we see some or all of these levels taken.
Right now on the 1H I am just waiting to see how price moves within these two FVGs. We have taken the previous weeks high and rejected, breaking lows and creating bearish market structure so for me to take a long I want to see price break above the higher 1H FVG and invert it before considering a long.
If I am going to switch my bias short I will need to see price invert the lower 1H FVG, break the previous days low / 1H swing low and hold below. Keeping in mind of a potential liquidity sweep below the previous days low.
So right now I am waiting but I am leaning more toward to upside. I want to see these higher levels taken before considering an overall pullback.
Ethereum has been in an uptrend for a couple of weeks now and we are getting very close to some key levels. I am looking at three levels at the moment.
1. $4,000 as it is a psychological round number where liquidity often sits.
2. $4,092 which is the next daily swing high.
3. $4,286 which is the beginning of the monthly bearish order block.
Pair this with the approval of the Ethereum ETFs recently and I believe we see some or all of these levels taken.
Right now on the 1H I am just waiting to see how price moves within these two FVGs. We have taken the previous weeks high and rejected, breaking lows and creating bearish market structure so for me to take a long I want to see price break above the higher 1H FVG and invert it before considering a long.
If I am going to switch my bias short I will need to see price invert the lower 1H FVG, break the previous days low / 1H swing low and hold below. Keeping in mind of a potential liquidity sweep below the previous days low.
So right now I am waiting but I am leaning more toward to upside. I want to see these higher levels taken before considering an overall pullback.