After Ethereum has completely lost the critical 3000 level in today’s sell-off, price dropped hard like a rock liquidating its previous up wave’s starting rally point back to January 2024’s consolidation range.

As a result, my April 30’s long trade has exited in another loss after holding for 3 hours only:

https://www.finlogix.com/analysis/20240430/eth-intraday-analysis-and-trading-plan-for-april-30-2024

An updated overall record of 1 win and 5 losses.

The US is set to have 2 high impact economic reports this week starting tonight.

The crypto markets in general including Ethereum have massively during the intraweek opening declined led by Bitcoin.

Some of the recent FUD catalysts are the US recession fears and World War 3 rumors including escalating Israeli-Iranian conflict.

Re-assessing ETHUSD’s high timeframe candlesticks:

Yearly Candle: Last check is a Green Long Upper Shadow now a Red Semi Gravestone Doji

Monthly Candle: Previous close is a Red Long Lower Shadow current is a Red Body with a Longer Tail Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Body with a Longer Tail Wick

Daily Candle: Both previous close and current are Red Bodies with Longer Head Wicks

Tremendous volatility striked the crypto markets once again as many traders and speculators alike were caught off guard during the Asian opening session.

In today’s analysis, I am looking back to Ethereum’s previous starting up wave rally point last January 2024 till its peak in March as the retracement points of view.

The January 2024 consolidation range became a buying order block area during intraweek's bearish opening.

If the recent swing low is a valid sell side sweeping, a potential relief rally is expected to re-test lost key support levels of Ethereum at least.

If a sell side liquidity run is otherwise disastrous that could lead to a further dump!

My trade plan is to buy the current swing low area betting for a relief bounce rally with a strict and tight stop loss.

I am taking profit at the 2400 level only which is a worth risk to try on.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

ETH Intraday Analysis and Trading Plan For August 5, 2024

Aug 05 2024

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