$ETH
Trading Strategy Analysis
Position: Long (Bullish)
Rationale: Technicals show a potential double bottom reversal at 1,759.16, with whale buying activity and a bounce from support. Fundamentals support a cautiously bullish outlook due to Ethereumโs strong network usage, staking, and potential crypto bull market sentiment (Bitcoin correlation), though macro risks (e.g., interest rates, regulations) remain.
Entry Point
Enter long at 1,820 on a confirmed breakout above the double bottom neckline and descending channel, with strong volume and a bullish candle.
Stop Loss
Set stop loss at 1,759.16 (below recent support). This limits downside risk if the pattern fails.
Take Profit
Primary target: 1,880 (major resistance, reward-to-risk ratio ~1:1).
Secondary target: 1,950 (if momentum breaks 1,880, reward-to-risk ratio ~2.1:1).
Risk Management
Risk 1โ2% of capital (e.g., $100โ$200 on a $10,000 account). Adjust position size based on the 60.84-point stop loss.
Alternative: Short (Bearish)
If the price fails to break 1,820 and drops below 1,759.16, enter short.
Stop loss at 1,820, take profit at 1,740 (reward-to-risk ratio ~0.3:1, so only take with strong bearish confirmation).
Disclaimer: This is for informational purposes only, not financial advice. Conduct your own research and trade responsibly. ๐๐