A little early morning pump….. that’s what’s interesting. OK, well, a pump of max 2% right away… but for the capital in position, we take every increase positively.
🔸 For ETH, we are very clearly in a critical area, on the resistance of the triangle on the $140.
🔸 In the pattern analysis theory, in 70% of cases, there are 3 waves in a triangle and we are in the middle of the third wave. A breakage could therefore occur soon, either upwards or downwards. Very logically, we see a decrease in volume, indicating the movement will be very solid once the triangle is broken.
🔸 We will not hide it, the technical analysis remains generally bearish and a return on medium-term support is likely. In this sense, we follow the general market sentiment.
👉 In case of resistance breakage :
Wait for the technical rebound! The price could increase to $146 (technical and Fibonacci resistance), then go down to the support (old triangle resistance) at $140. At that moment, enter the position with targets at $150, $160 and $165, the last solid resistance.
👉 In case of a return in the triangle and breakage of the support:
This is a more dangerous area. A break below $133 could initially bring the price to $130.5. Below this support, we have as next target the $124. we will position ourselves in several trades: one to target the $130.5 with a complete resale and then we will analyze the market in this area, checking if it’s a good area to buy or sell. The risk of a return to the horizontal channel is too risky at the moment to target the medium-term support. at $123.
📣 And the return to the bull market?
For ETH, a break of $170 will be necessary. Soon perhaps? In any case, the market is recovering colors from a technical and fundamental point of view….