ETHEREUM $ETH, BULLISH/BEARISH?
đ Market Overview
Current Price: ~$2,561.56
Intraday Range: $2,518.32 â $2,579.01
Recent Trend: $ETH has shown a bullish structure on the weekly chart, maintaining momentum above $2,650.
đ Long Position Strategy
Entry Point: If ETH sustains above $2,650, consider entering a long position.
Stop Loss (SL): Set SL around $2,500 to manage downside risk.
Take Profit (TP): Target the $2,800â$2,900 range.
Rationale: Holding above the 50-day EMA and the $2,500 support level suggests potential for further upside.
đ Short Position Strategy
Entry Point: If ETH fails to hold above $2,500, consider entering a short position.
Stop Loss (SL): Set SL around $2,650 to limit potential losses.
Take Profit (TP): Aim for the $2,300 support zone.
Rationale: A breakdown below $2,500 may lead to a retest of the $2,300 support zone.
â ïž Risk Considerations
Market Sentiment: The Fear & Greed Index is at 73 (Greed), indicating potential overvaluation.
Technical Indicators: The Relative Strength Index (RSI) is at 77.53, suggesting overbought conditions.
đ Summary
Bullish Scenario: If ETH maintains momentum above $2,650.
Bearish Scenario: Failure to hold above $2,500.
!!!Always conduct thorough research and consider your risk tolerance before entering any trade!!!
