When the crypto market started to drop, the whole space started to decline. Ethereum is one of the best performing blockchain's ecosystem. After a sharp decline in the cryptocurrency, we started to see a surge in the bullish direction with ETH forming higher highs and higher lows. Market tapped the 2700 and is being retraced to the minor support at 2600. This would be the area for us to go long.

With the trendlines, market is in a bullish penant. ETH has broken out for buys with the forced bullish candle. After the breakout buy, te price action has validated the breakout. Therefore, on a slight retracement towards the 2800, we would be looking to go for a buy.

At the support level, we have a fibonacci retracement of 75-78.6% which is in confluence with the support level. This support level was bounced perfectly with the support level. Along with this, we also see a double bottom forming at the retracement level.

With the EMA's, both of them broke out for buys but have a bearish death cross. At the support level drawn, we anticipate the retest of the EMA 50 at this level, which will confirm the retracement pattern of the EMA breakout and retest. It will add another confluence point with the support level. 

Both the oscillators are in a bullish region in an over bought region.. The oscillators are paving its way down from the over bought region. We might see the oscillators being neutralized at the price levels where the ETH would be at the support. This will fill in the other technical factors for our long positions. 

ETH is a strong project with high valuations. We will be looking to go long from the support level. If the market breaks the support, then we will take the stop loss and look for another setup.

2800 Ethereum level for longs

Mar 22 2022

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