While 3000 level is still holding up, Ethereum looks like in a massive and complex structure where price misbehavior is seen.

As a result of this price action, my April 16 short trade has exited in a loss:

https://www.finlogix.com/analysis/20240416/eth-intraday-analysis-and-trading-plan-for-april-15-2024-5912

To end my Finlogix analyses this Tuesday, I’m sharing a new one for Ethereum.

A heavy week for the general markets as the has 14 high impact data releases with key highlights on Thursday’s Fed interest rate decision and FOMC statement.

Re-assessing ETHUSD’s high timeframe candlesticks:

Yearly Candle: Still a Green Long Upper Shadow since last check

Monthly Candle: Still a Red Body with a Longer Tail Wick since last check

Weekly Candle: Previous close is a Green Spinning Top current is a Red Body with a Longer Head Wick

Daily Candle: Previous close is a Red Long Lower Shadow current is a Big Red Body with a Longer Head Wick

Ethereum’s weekend rally has face difficulty in extending towards the 3400-3500 levels.

Intraweek’s price trajectory is already sailing downwards after a strong rejection at 3250 level earlier.

Bears are trying their utmost efforts in sending the price below the crucial 3000 level and if further selling pressures happen as we head into the mid-week, we might see sub 2000 levels again very soon.

If my stop loss level is just a little bit higher, let’s say I have set it at 3400 instead, then my previous short trade could have been active today.

Taking into account this year’s swing points, ETHUSD’s price keeps printing lower highs and lows.

And if my theory is right, there’s an interesting order block from January 12 that can lay a foundation for the next moving up.

From this basis, I will shift my instance to a buyer entering through this order block.

This is more of a swing catapult trade with a minimal stop loss. I’m willing to wait to hit my entries above.

It’s clearer in this analysis that Ethereum has on-going price correction continuation so I’ll be focusing for buy setups only.

Let’s see how this trade plan goes and good luck.

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 30, 2024

Apr 30 2024

Pending

Published 87d ago

3245.40

Current price

2750.00

Entry price

1