ETH Intraday Trading Strategy

Ethereum broke below the upward channel on the 4-hour chart yesterday, and is currently consolidating sideways below the channel.

Although the rebound after the breakdown was weak, don’t forget that Ethereum and Bitcoin are highly correlated. At this stage, Bitcoin is still firmly in the middle of its upward channel, and the price action hasn’t turned bad—so don’t get overly optimistic or look for a bullish move too early.

Long Position Reference

Focus on the resistance level at 2330. As long as the price successfully holds above this level, the bulls’ tempo will most likely continue, and the next upside target can be around 2400.

Short Position Reference

Keep a close watch on the key level at 2295. If the market spikes up with a wick and then shows weakness accompanied by increased volume, the downside room will open up completely.

First take-profit at 2250. Once the price reaches this level, take profit on half the position first; for the remaining position, set a break-even stop-loss and continue to watch the area around 2200. #WCTC交易赛瓜分800万USDT #加密市场行情震荡