Ethereum is trying to set weekly higher low (we're still in a weekly uptrend, setting weekly higher low is strong signal of trend continuation).
It failed one time (last week of March) but now it has better chance of accomplishing it. While it opens opportunity for a LONG play we should recognize that there was quite aggressive selling in the middle of March. Bears might be still waiting at certain levels (marked on the chart). So, entering trade at this moment doesn't provide good P/L ratio. It would be better to wait for some sort of retest (e.g. lower value area, near current week low) to enter. Consider partial profit taking at resistance zones.
Example of the trade is shown on the chart.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
It failed one time (last week of March) but now it has better chance of accomplishing it. While it opens opportunity for a LONG play we should recognize that there was quite aggressive selling in the middle of March. Bears might be still waiting at certain levels (marked on the chart). So, entering trade at this moment doesn't provide good P/L ratio. It would be better to wait for some sort of retest (e.g. lower value area, near current week low) to enter. Consider partial profit taking at resistance zones.
Example of the trade is shown on the chart.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Comment:
Price broke through the first resistance zone. Positive signal for the bulls but poor position for long trade entry
Comment:
Price hit trade entry level. Not it is important to monitor for continuation
Comment:
Daily higher low is set, although not as convincingly as buyers would have wanted. Still a good signal for bulls