To start today’s Finlogx analyses, I am going to share my trading insights and plan for ETHUSD.

Here’s the previous analysis some time ago:

https://www.finlogix.com/analysis/20220917/eths-merge-aka-20-got-disrespected-by-its-bearish-hs

The second largest cryptocurrency in terms of market capitalization is playing catch up against Bitcoin.

Ethereum has broken its previous 21-month resistance during intraday swing high break-out move and inching closer to re-test the 3000 levels.

On the other hand, ETHBTC chart has also reclaimed the 0.0560 levels after the swing high and low moves that lasted from January 9 to 12 this year.

In order for ETH to continue moving higher towards the important 3000 mark, Bitcoin must remain stable on the current ranges of its own.

For my trade plan, I will be looking for buy setups only. At the moment of writing, ETHUSD is retreating to nearby immediate supports. It’s too early to tell yet that bull’s are done. There’s plenty of time for the week.

Although we can see some liquidity happening on the latest 4H candle above, ETH seems readying up for the next leg higher.

Assessing Ethereum’s high timeframe candlesticks:

Monthly Candle: Previous close is a Red Long Legged Doji current is a Big Green Body

Weekly Candle: Previous close is a Big Green Body current is a Green Spinning Top

Daily Candle: Previous close is a Green Body current is a Green Spinning Top

Ethereum bears has capitulated paving bulls to continue the uptrend! This is my claim based last month’s closing through a Red Long Legged Doji.

Ethereum bulls has flipped its first major resistance at 2435 into a solid support then break the next second major resistance at 2875. These 2 price levels will be the support and resistance for my buy set up scenario.

So far 2875 got backtested and offering support. I like to enter a long position at 2850 for the mild pullback and set the stop loss at 2780 while taking profit at 3050. Overall 2.86 risk:reward score.

ETH Intraday Analysis and Trading Plan For February 20, 2024

Feb 19 2024

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