ETHEREUM: REJECTION FROM THE RESISTANCE!!!

Hello traders, I hope your weekend was good. We are back again after the weekly close and things are still not taking a positive turn. Here's a quick update on Ethereum in a lower timeframe.

Timeframe: 4 hours.

Update: ETH gradually started pushing up after the sudden drop (from $1687 to 1487) on the 6th & 7th of September 2022. This pullback went from $1487 to $1789 almost a 20% rally. Currently, ETH is getting rejected from the resistance level of $1780. So far, the 21 MA is trying to hold the price at $1725.

Things are pretty easy and simple to understand here.

Point 1: If the 21 MA manages to hold the price, ETH will still need to break through the $1780 resistance.

Point 2: Breaking down below the 21 MA will drop the price back to the lower support level which is at the $1560 area.

Conclusion: I am not going long on ETH right now rather shorting (scalping) will be a good option. This is my personal opinion and not financial advice. Make sure you invest after doing your own research.

I hope this idea is helpful for you. Thank you for supporting me.

God bless and trade safely.

Commentaire:

I hope you guys followed.