We will be looking at the daily timeframe for the analysis.

ETH broke out from the 3250 mark and is heading towards the 3800. Before it taps the resistance level, we are anticipating a retest at the resistance turn support at the mentioned price of 3250. Market has started to form higher highs and higher lows, which indicates a bullish structure and momentum forming. That being said, we will continue looking to buy ETH at given support levels. 

There is no retracement indication in this given setup which could confluence with the support level. Threrefore, we will continue relying on our structure setup for now.

The descending trendline has been broken out for buys. These buys are validated equally by the price action of the candles, by opening and closing above. Any lower time frame breakout buy of the trendline will be a bullish catalyst for the market. 

EMA 50 and EMA 200 are on the verge of breaking out for buys. Once the cross over turn bullish, we will have a bullish death cross on the EMA's. Once that is formed, our long position setup will sustain as drawn on the charts.

We need a neautrality on the oscillators. RSI is at 63 and CCI is at 130. We need to have a neautral level at the support level in order for us to go long. Oscillators are in an over bought region right now and have to have room for further contiuation up which they currently don't. Therefore, a little bit of patience is required on the setup.

Broke out from the range

Apr 03 2022

1