With the approval of the Bitcoin ETF already in place, the market is now eagerly awaiting the approval of an Ethereum ETF. In the spot market, attention has shifted towards Ethereum, with traders actively speculating on its price.
We can observe Ethereum (ETH) forming a double bottom on the H4 chart last week and initiating an upward movement. Subsequently, it directly encountered the daily resistance, leading the price to slide down to the H4 support. If at the H4 support, we can wait on the H1 chart for the formation of a double bottom or a chart pattern indicating a lower low, and then consider continuing with a long position.
We can observe Ethereum (ETH) forming a double bottom on the H4 chart last week and initiating an upward movement. Subsequently, it directly encountered the daily resistance, leading the price to slide down to the H4 support. If at the H4 support, we can wait on the H1 chart for the formation of a double bottom or a chart pattern indicating a lower low, and then consider continuing with a long position.
Trade active:
Place an order, and when the price reaches a new high, get ready to close the position.
SL 2474
TP 2730~2800
SL 2474
TP 2730~2800
Comment:
Observing the price, if it reaches 2642. If there is an H1 engulfing pattern, the trade must be closed.