What's up traders! In today's market breakdown, we're mapping out our latest levels to watch for on the ETH hourly chart.
No need to beat around the bush, let's dive right in...
Ticker: ETHUSDT
Date: 04/26/23
Timeframe: 1H
Key Levels:
Supply: 1935-1965 (1st red zone), 1990-2005 (2nd red zone)
Demand: 1800-1825 (green zone)
Other key levels: 1875-1890 (1st grey zone)
Commentary:
First Republic drama had cryptocurrency bulls gain back control of the market yesterday. However, Ethereum has come back to retest demand at 1800 today.
Ethereum pretty much satisfied the Bearish Scenario 2 from our last analysis on 04/23/23, except it found demand at 1800 rather than ~1770 - a big psychological level.
Currently, we are trading just under ~1875-1890 key zone and supply from the earlier this week that is being respected well. Here are a few trades we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the demand zone ~1800-1825 and buyers to emerge again for an upside move, possibly into ~1935-1965 supply or higher. Be cautious of the key zone around ~1875-1890 in this scenario. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price trade above this ~1875-1890 zone, retest this zone and turn it into demand to catch a break and retest for an upside move, potentially into supply at ~1935-1965.
✅ Bullish Scenario 3: you want to see price rally and break supply at ~1935-1965, pull back into it to turn it into demand and find strength again for a move into next supply at ~1990-2005.
------
🟥 Bearish Scenario 1: you want to see price approach supply at ~1935-1965, sellers to regain control and possibly catch a break and retest of this supply zone into the key zone ~1875-1890 or demand at ~1800-1825. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price reject here at ~1875-1890 for a move into ~1800-1825 demand.
🟥 Bearish Scenario 3: you want to see price break demand at ~1800-1825, retest and turn this zone into supply for a further downside move into ~1770.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish on ETH?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
No need to beat around the bush, let's dive right in...
Ticker: ETHUSDT
Date: 04/26/23
Timeframe: 1H
Key Levels:
Supply: 1935-1965 (1st red zone), 1990-2005 (2nd red zone)
Demand: 1800-1825 (green zone)
Other key levels: 1875-1890 (1st grey zone)
Commentary:
First Republic drama had cryptocurrency bulls gain back control of the market yesterday. However, Ethereum has come back to retest demand at 1800 today.
Ethereum pretty much satisfied the Bearish Scenario 2 from our last analysis on 04/23/23, except it found demand at 1800 rather than ~1770 - a big psychological level.
Currently, we are trading just under ~1875-1890 key zone and supply from the earlier this week that is being respected well. Here are a few trades we could target from here:
✅ Bullish Scenario 1: you want to see price pull back into the demand zone ~1800-1825 and buyers to emerge again for an upside move, possibly into ~1935-1965 supply or higher. Be cautious of the key zone around ~1875-1890 in this scenario. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price trade above this ~1875-1890 zone, retest this zone and turn it into demand to catch a break and retest for an upside move, potentially into supply at ~1935-1965.
✅ Bullish Scenario 3: you want to see price rally and break supply at ~1935-1965, pull back into it to turn it into demand and find strength again for a move into next supply at ~1990-2005.
------
🟥 Bearish Scenario 1: you want to see price approach supply at ~1935-1965, sellers to regain control and possibly catch a break and retest of this supply zone into the key zone ~1875-1890 or demand at ~1800-1825. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price reject here at ~1875-1890 for a move into ~1800-1825 demand.
🟥 Bearish Scenario 3: you want to see price break demand at ~1800-1825, retest and turn this zone into supply for a further downside move into ~1770.
That's all we got for you in this one.
So what do you think? Are you bullish or bearish on ETH?
Let us know in the comments below!
We'll see you in the next one.
-The AlgoBuddy Team
Get Access to the exclusive QuantVue indicators: www.quantvue.io/
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3
