ðEthereum: Crucial Levels and Momentum TrendsðĨ
ðToday's analysis focuses on Ethereum in the 4-hour timeframe, specifically for futures trading. Taking an overview, we find Ethereum trapped within a range between 3235 and 3645, experiencing a false breakout from the upper boundary yesterday before reverting back into the range.
ðThe volume of red candles has been increasing since yesterday, indicating current momentum favoring sellers. Presently, the price has reached the Point of Control (POC) on the fixed range volume profile, prompting scrutiny for potential reactions at this level.
ðFor long positions, patience is advised until the price revisits 3645 and exhibits a response. This will help identify our main resistance level, and upon breaking it, entering a long position could be considered.
ðRegarding short positions, a break below the 3235 zone seems opportune. If you are a range trader, entering a short position after breaking the POC could lead to a target at the bottom of the range.
ðBy incorporating these observations and strategies, traders can make informed decisions amidst Ethereum's current market conditions.
ð§ ðžIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
ðThe volume of red candles has been increasing since yesterday, indicating current momentum favoring sellers. Presently, the price has reached the Point of Control (POC) on the fixed range volume profile, prompting scrutiny for potential reactions at this level.
ðFor long positions, patience is advised until the price revisits 3645 and exhibits a response. This will help identify our main resistance level, and upon breaking it, entering a long position could be considered.
ðRegarding short positions, a break below the 3235 zone seems opportune. If you are a range trader, entering a short position after breaking the POC could lead to a target at the bottom of the range.
ðBy incorporating these observations and strategies, traders can make informed decisions amidst Ethereum's current market conditions.
ð§ ðžIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
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