ETHUSDT: Trap. Review. Overate. Adjust. Reduced by half.
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ETHUSDT
correction continues to form. The price broke above the $3400 support level and it is now on track to test the new support zone at $3050, marking a 0.72% decline on the day. But! At the same time a bearish cup of handle is forming, theoretically the price will break the 3050 support and correct further.
It is worth noting the mentioned support zones. The 3400 - 3050 level should hold for the long term as this is a very strong zone, but based on the setup and pattern, there is a high chance of seeing a breakout and decline. The 2600 zone is an ideal zone to test as this is a strong intermediate bottom, where the price has reacted to the downside.
In general, now the market will move within the range, inside the correction range will develop. Trading will take place between levels.
Based on the current market structure and price behavior, we have a high chance of catching a correction in the market.
ETHUSDT
correction continues to form. The price broke above the $3400 support level and it is now on track to test the new support zone at $3050, marking a 0.72% decline on the day. But! At the same time a bearish cup of handle is forming, theoretically the price will break the 3050 support and correct further.
It is worth noting the mentioned support zones. The 3400 - 3050 level should hold for the long term as this is a very strong zone, but based on the setup and pattern, there is a high chance of seeing a breakout and decline. The 2600 zone is an ideal zone to test as this is a strong intermediate bottom, where the price has reacted to the downside.
In general, now the market will move within the range, inside the correction range will develop. Trading will take place between levels.
Based on the current market structure and price behavior, we have a high chance of catching a correction in the market.
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