Ethereum created a Higher High on the Daily Timeframe after the daily candle closed at $1,933 on Friday. Additionally, Eth closed up 3.15% on the Month and this suggests a further increase for July. More aggressive positioning for an increase in the month of July would be the anticipation that Ethereum closes above $1,909 Weekly supply level. Trade Idea : It uses what once was a Supply/Resistance level as a new Support/Demand level. This would translate into a swift break and retest trade above $1,909 and looking for new high prices to formulate as the new monhtly and weekly candle's kick off.
We have
1) Monthly candle just closed bullish
2) After 1 week of testing $1,909 Weekly Supply level, price has done a fair job of sticking right at it, current price $1,913
3) After all the crazy news, price remains at the medium term highs after a 16% pump across the past 2.5 weeks.
A Look at the Daily Chart, Created a Higher High and we may now use $1909 to do a break and retest to head towards $1,995
We have
1) Monthly candle just closed bullish
2) After 1 week of testing $1,909 Weekly Supply level, price has done a fair job of sticking right at it, current price $1,913
3) After all the crazy news, price remains at the medium term highs after a 16% pump across the past 2.5 weeks.
A Look at the Daily Chart, Created a Higher High and we may now use $1909 to do a break and retest to head towards $1,995
Comment:
Price is moving up very nicely from our Weekly S/R Level $1,909. Ideally we want to see a Daily candle close above $1,935 4hr Zone. We then can anticpate a pullback with the new daily candle before more upside to $1,995 Daily resistance level.
Comment:
Price 20$ higher than previous post. We are about 18$ from my 1982 Target #1 and 30$ away from $1,995 Daily resistance target #2. Don't be surprised if we see a correction in Eth back to retest $1,935
