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On the H4 chart, we had a strong support zone that has formed and the price which is moving lower has broken below this zone and is holding below it, we may consider this as evidence of bearish pressure. Currently, this strong support zone is acting as a strong resistance zone for us. Also, we could see that the price which is moving lower has created lower lows based on the MACD indicator, which is a sign of gaining momentum towards the bearish side. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. So everything looks good here for the bears and we may now move down to one timeframe lower and look for evidences supporting this short term bearish view.
On the H1 chart, we could see that currently we have a strong bearish momentum here as well. Also while measuring this strong bearish move we have two key resistance zones that has formed. The first key resistance zone is formed based on the 23.6%(1537.84) – 38.2%(1617.55) Fibonacci retracement levels of the strong bearish move. The second key resistance zone is formed based on the 50%(1681.98) – 61.8%(1746.41) Fibonacci retracement levels of the strong bearish move. Until both these key resistance zones shown in the image below (marked in red) holds my short term view remains bearish here and I expect the price to move lower further after pullbacks.
Ethereum H4(1 Hour) Chart Analysis
Ethereum H1(1 Hour) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team.
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