ETHUSDT wants to retest the supply zone
Updated
The price got a rejection from the supply zone as I told you in the previous analysis.
On the weekly timeframe, the price created a nice candle below the weekly structure and now the market is testing the 0.382 Fibonacci retracement.
On 4h timeframe, the price is testing the previous resistance as new support on 2800$
For a bullish scenario, the price needs to flip the 3k resistance with volume and confirmations, retest the supply zone as new resistance.
In the short term, we could see a new retest of the weekly area.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the weekly timeframe, the price created a nice candle below the weekly structure and now the market is testing the 0.382 Fibonacci retracement.
On 4h timeframe, the price is testing the previous resistance as new support on 2800$
For a bullish scenario, the price needs to flip the 3k resistance with volume and confirmations, retest the supply zone as new resistance.
In the short term, we could see a new retest of the weekly area.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price could retest the 3k.Note
5% since my callNote
the price is testing again the weekly resistance.I want to see a clear breakout from it! 👀
Note
6% since my idea, now the price is testing the key level on 3k. We need to see a new breakout from that level and confirmations above it.
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