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The ETH/USD pair has made a local high at the level of $2,929 and is currently consolidating the recent gains in a narrow range above of the last swing high on the H4 time frame chart. The bulls broken above the supply zone, so the levels of $2,714 and $2,690 will now act as the technical supports. The rally has been terminated with a Bearish Engulfing candlestick pattern on the H4 time frame, but the momentum is strong and positive, which supports the continueation of the short-term bullish outlook for ETH. The current market conditions are extremely overbought and there is a visible Bearish Divergence created between the price and the momentum oscillator, so a pull-back is still on the table. The next target for bulls is seen at the level of $3,000.
Weekly pivot points serve as critical references for identifying trend reversals and support/resistance levels within the market structure:
The general sentiment on the scoreboard is very bullish (77% vs.23% bears). Last week bullish sentiment increased even more (80% bulls vs.20% bears) together with the last three days sentiment (81% bulls vs.19% bears).
ETH/USD Bullish Scenario:
Sustained Momentum: A continuation of bullish momentum, coupled with RSI confirmation, could propel prices towards the next bullish target. Support Indicators: Maintaining positions above the EMA 100 and DEMA 50 reinforces the uptrend, offering potential entry opportunities. Resistance Breakout: A decisive breach of immediate resistance levels may usher in a fresh phase of upward price discovery.
ETH/USD Bearish Scenario:
RSI Reversal: A downturn in RSI, especially below the 70 mark, may signal the onset of a bearish reversal. Support Breach: A drop below the EMA 100 and DEMA 50 could invalidate bullish bias, prompting downside pressure. Divergence Confirmation: Confirmation of bearish divergence, coupled with price action reversal, suggests unsustainable highs and potential corrections.
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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