Ethereum Support & Resistance Levels - Long Trade Setup
Hello Traders, here are key Support and Resistance Levels for ETHUSD.
- It's important to have key levels drawn on your charts at all times.
- Personally I have 2 computer monitors. One is a HTF chart with levels drawn like with this ETH chart. The 2nd monitor is a LTF chart with multiple indicators.
- Use these levels to help determine where ETH will trade next.
- ETH should follow BTC, but keep in mind ETH typically outperforms BTC so it may have stronger bounces and smaller pullbacks.
Trade Setup
***We can use the BTC chart to coordinate what level ETH might hit if BTC falls to $34.4K.
- Most likely the $34.4K level for BTC would be around $2,650 for ETH which is also the Ascending Trend Line which acts as Major support.
- This could potentially be a great entry point for a long position as long as ETH hits this level soon.
- The take profit would around $2,825 which is the top of the falling channel and also between the .5 and .618 FIB levels. (Golden Pocket)
What's next for ETH?
- I'm expecting BTC to bounce in the coming days in which case ETH should as well. Most likely to the Take Profit zone mentioned above.
- Beyond that if BTC trend lower ETH will most likely break the bottom ascending trend line which will be very Bearish for ETH.
- Expect ETH to continue lower hitting each one of the support levels in the coming weeks / months.
- Bounces should occur at major support levels
Thanks everyone and best of luck trading!
- It's important to have key levels drawn on your charts at all times.
- Personally I have 2 computer monitors. One is a HTF chart with levels drawn like with this ETH chart. The 2nd monitor is a LTF chart with multiple indicators.
- Use these levels to help determine where ETH will trade next.
- ETH should follow BTC, but keep in mind ETH typically outperforms BTC so it may have stronger bounces and smaller pullbacks.
Trade Setup
***We can use the BTC chart to coordinate what level ETH might hit if BTC falls to $34.4K.
- Most likely the $34.4K level for BTC would be around $2,650 for ETH which is also the Ascending Trend Line which acts as Major support.
- This could potentially be a great entry point for a long position as long as ETH hits this level soon.
- The take profit would around $2,825 which is the top of the falling channel and also between the .5 and .618 FIB levels. (Golden Pocket)
What's next for ETH?
- I'm expecting BTC to bounce in the coming days in which case ETH should as well. Most likely to the Take Profit zone mentioned above.
- Beyond that if BTC trend lower ETH will most likely break the bottom ascending trend line which will be very Bearish for ETH.
- Expect ETH to continue lower hitting each one of the support levels in the coming weeks / months.
- Bounces should occur at major support levels
Thanks everyone and best of luck trading!