Whats next for Ethereum? Are we going up, down or sideways? My personal analysis brings me to the conclusion that we will see another push higher to between $2140 – $2240 and then a deep correction lower. Let me explain….
I want to bring your attention to the second picture attached – the Hyblock Liquidation Levels. Here we can clearly see that on the 1-month outlook we have a concentrated level of liquidity between $2140-$2160. This shares confluence with our daily equal high (DEH) and daily swing high (DSH). A run above these levels, liquidating early short speculators, causing break out traders to go long, paired with the overall bullish sentiment should be an ideal situation for smart money to throw the market into a long term correction.
Since 12th of October, Ethereum has rallied 40% with price currently sitting at 36% without a pullback. The market is due for a correction and I believe the above scenario sets the stage for one.
I’ll be anticipating a pullback to $1800-$1650 with levels as low as $1450 as this is where we have a large volume of higher time frame liquidity.
In summary, I’m waiting for a move up to take out daily swing highs with a big correction to follow. Potential short term long opportunities to present themselves this week on the smaller time frames.
Whats next for Ethereum? Are we going up, down or sideways? My personal analysis brings me to the conclusion that we will see another push higher to between $2140 – $2240 and then a deep correction lower. Let me explain….
I want to bring your attention to the second picture attached – the Hyblock Liquidation Levels. Here we can clearly see that on the 1-month outlook we have a concentrated level of liquidity between $2140-$2160. This shares confluence with our daily equal high (DEH) and daily swing high (DSH). A run above these levels, liquidating early short speculators, causing break out traders to go long, paired with the overall bullish sentiment should be an ideal situation for smart money to throw the market into a long term correction.
Since 12th of October, Ethereum has rallied 40% with price currently sitting at 36% without a pullback. The market is due for a correction and I believe the above scenario sets the stage for one.
I’ll be anticipating a pullback to $1800-$1650 with levels as low as $1450 as this is where we have a large volume of higher time frame liquidity.
In summary, I’m waiting for a move up to take out daily swing highs with a big correction to follow. Potential short term long opportunities to present themselves this week on the smaller time frames.