ETH Futures, short term bearish back towards accumulation zone
It has been a rough volatile week as we have seen some extreme down swing and upswing for both BTC and ETH.
Within the 4 hours and daily chart we see that ETH is still currently in the downtrend bearish channel
Within the 1 hour chart there is a miniscule but visible rising wedge
We can also observe a very strong accumulation zone within 2875 - 2950 range
At the time of publishing this idea, ETH is currently resisted both by the hourly rising wedge and MA 200
I suspect a correction is imminent considering the rush that just occurred few hours ago (causing overbought) to occur back towards the accumulation zone range (unless the short term descending triangle is bypassed strongly)
Let me know your thoughts should you find my idea helpful or you are against it.
May you profit well.
Within the 4 hours and daily chart we see that ETH is still currently in the downtrend bearish channel
Within the 1 hour chart there is a miniscule but visible rising wedge
We can also observe a very strong accumulation zone within 2875 - 2950 range
At the time of publishing this idea, ETH is currently resisted both by the hourly rising wedge and MA 200
I suspect a correction is imminent considering the rush that just occurred few hours ago (causing overbought) to occur back towards the accumulation zone range (unless the short term descending triangle is bypassed strongly)
Let me know your thoughts should you find my idea helpful or you are against it.
May you profit well.
Trade closed: target reached