We will be looking at the H4 timeframe for the analysis. This analysis is a short term buy analysis along with the daily analysis we had previously shared.

ETH broke out from the 3250 mark and is heading back down towards the 3000. Before it taps the resistance level, we are anticipating a retest at the support at the mentioned price of 3000. 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. This support level is a crucial one and we will be closely monitoring it for a break downwards.

There is a 61.8% level retracement which is a confluence with the support level. ETH tapped the retracement level and bounced up, validating the price action of the level.

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.

Both the EMA's are bearish in this setup, with a bullish death cross. After the breakout sell, the market was unable to retest either of the EMA. This retest could be our profit target and could trigger the bullish pressure.

We need a neautrality on the oscillators. RSI is at 45 and CCI is at -50. We need to have a neautral level at the support level in order for us to go long. Both the oscillators are being support by the trendline, unable to break down. It is also supported by the trendline to push up.

Stacking on ETH

Apr 21 2022

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