Ethereum's recent price action suggests a potential short-term pullback. Currently trading around $4,280, ETH has encountered resistance near the $4,300 mark. Technical indicators point to a possible decline, with the next support level around $4,245.
A recent analysis on TradingView recommends selling ETH on pullbacks to the $4,290 area, setting a stop-loss at $4,335, and targeting $4,245. The rationale behind this strategy is based on the formation of a "death cross" on the hourly chart, indicating a bearish trend. Additionally, consecutive negative candlesticks and a single positive candlestick pattern suggest a weakening bullish momentum.
While the broader market trend remains bullish, short-term traders may find opportunities in these corrective phases. It's crucial to monitor the price action closely, as a failure to hold above the $4,245 support could lead to further declines.
For those considering short-term trades, this setup offers a risk-managed approach with a clear entry and exit strategy.