Ethereum is likely to stay in bid tone through yesterday’s local swing low points but the weekly might face buying exhaustion unless the 2600 level is reclaimed as a support again.

As a result, my August 6’s long trade has exited in profit after holding for 3 hours only:

https://www.finlogix.com/analysis/20240805/eth-intraday-analysis-and-trading-plan-for-august-5-2024

An updated overall record of 2 wins and 5 losses.

The US is set to have 1 remaining high impact economic report on Thursday.

The crypto markets in general including Ethereum have started the intraday trading in green after yesterday’s extended sell-off.

Re-assessing ETHUSD’s high timeframe candlesticks:

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

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

Weekly Candle: Last check is a Red Body with a Longer Tail Wick now a Red Hanging Man

Daily Candle: Previous close is a Red Hammer current is a Green Shaven Bottom

As expected in my analysis yesterday, it’s good to see a relief bounce in the entire crypto markets after an extended sell-off.

However, with the recent global macro-economic and geopolitical situations, the crypto is not yet truly out of the woods against the bears.

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

With the help of the latest local swing area, Ethereum bounced off decently above its January 2024 consolidation range.

This range became a valid buying order block that created new PD arrays to the upside but the 78.60% fib level 2550-2600 range are acting as the immediate resistance levels.

In order to validate a bullish comeback, ETHUSD bulls need to break and reclaim it into a support again.

Otherwise, we may see sideway moves as we head to the mid-week.

Today’s trade plan is to long the potential pullbacks with a limited stop loss placed below the local swing low only while taking profit at the 2550-2600 range.

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 6, 2024

Aug 06 2024

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