Ethereum Perspective: Reference 4H

Ethereum retraced to the Fibonacci 0.618 level of this wave yesterday and then rebounded. If this point wasn't captured, there are no thoughts of going long at the current price.

For shorting, I will pay attention to whether the downtrend line below 3175 is obstructed, resulting in a false breakout with a bearish engulfing signal. On the left side, I still see the pressure zone above 3260-3270, with a stop loss around 40 dollars, which still offers a reasonable risk-reward ratio.

For going long, the 0.618 level below is no longer suitable for left-side orders; it can be observed on the right side. However, the best position remains the support level at the trend line below 2800-2780, $ETH

ETHUSDT

Perp

3,110.12

-1.48%