DailySats

ETHUSD: A brief look at the things to come

Long
FTX:ETHPERP   Ethereum Perpetual Futures
  • Ethereum price is hovering inside a supply zone ($2,529 to $2,588), struggling to breach past it.
    Two possibilities are possible here -  a bullish spike that pushes ETH price above the said supply zone and proceeds to tackle the range high at $2,993. 
  • Or a rejection at the supply zone that drags it down to the buy zone ($1,992 to $2,208).
  • If the bullish scenario plays out, Ethereum price could collect liquidity from the pocket highlighted in the chart ($2,850 to $2,915) and trend lower before actually proceeding higher
  • On the other hand, if the bearish scenario evolves, ETH price could slide into the demand zone , sweep $2,208 or $2,100. This would be followed by a flip of the supply zone into a demand zone and a retest of the swing high at $2,993.
  • In case, $2,993 is flipped into a support level , Ethereum price could rally and tag $3,124 and $3,316.

As always,
Leave your thoughts in the comments!

Feedback or questions are appreciated.

DYOR
Not Financial Advice (FA)
Trade active: 1/ Didn't even know Bfnx shorts skyrocketed but it seems like we're getting a 2.1.

2/ Still a little hesitant on getting a dip into the buy zone

3/ might get a bounce from 50% Fib or $2,306.
Trade closed: target reached

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