Ethereum’s latest swing high invalidates yesterday’s recovery rally. Current consolidation is threatening to the downside .

With a holding time of 6 hours only, my long trade yesterday has triggered its stop loss:

https://www.finlogix.com/analysis/20240415/eth-intraday-analysis-and-trading-plan-for-april-15-2024

First Finlogix analysis today goes to Ethereum.

There markets are expecting 2 more US major economic reports this week with a key highlight on Fed Chair Powell’s Wednesday speech and Unemployment Claims Thursday.

Last night, 3 have been released including better than forecasted Core Retail Sales and Retail Sales month-over-month figures which lifted the US dollar to a new 62-day high.

Re-asssessing ETHUSD’s high timeframe candlesticks:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

Monthly Candle: Last check is a Red Long Lower Shadow with a Doubled Body Size now a Red Body with a Longer Tail Wick

Weekly Candle: Last check is a Green Body with a Longer Tail Wick now a Red Long Upper Shadow

Daily Candle: Previous close is a Red Spinning Top current is developing a Red Body with a Longer Head Wick

ETHUSD’s recovery attempt yesterday has been halted through the presence of a new swing high rejecting the idea of further moving up towards the 3500 level.

Yearly candle has changed to a green long upper shadow suggesting more selling pressures.

Meanwhile the monthly, weekly and daily candles are showing signs of a further drop.

The bearish FVG from the 3260 to 3440 range mentioned in yesterday’s analysis proved to be strong after a new swing high occurred.

From this swing high, a new bearish FVG has been formed and holds up as well.

Current consolidation looks weak and gives better chances for the bears.

In today’s trade plan, I change my instance to a seller.

I’m waiting for a re-test towards the intraday high.

A successful rejection can validate a break-out to the downside.

In order to negate this bearish thesis, ETHUSD needs a lot of buying firepower to completely clear out the latest 4H FVG.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

ETH Intraday Analysis and Trading Plan For April 15, 2024

Apr 16 2024

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