Ethereum: Bullish Reversal or Bearish Continuation? Key Areas to Watch
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Ethereum is currently in the bearish 4th wave. 4th wave corrections are filled with uncertainty, as the price keeps moving up and down but still maintains its bearish channel.
Is it long enough to look for support? Yes! I think from this range we should be looking for support. With my Plan A, B, and C, I believe we will have key areas to watch.
PLAN A
At the curved range where $ETH has been consolidating, my main scenario is to see Ethereum hold above the major support at $3,362.17. If that holds, it means that the Plan A uptrend remains active.
PLAN B
If the Plan A support fails to hold, the Fair Value Gap (FVG) has always served as a strong support area. In this Plan B, the FVG range is the area I'm looking forward to seeing a bounce to continue upwards.
PLAN C
In the worst case, if Plan A and B fail, this order block is my final bus stop for this downtrend. It's not really my plan, but we have to be prepared.
Overall, just like I said earlier, 4th waves are filled with uncertainty. Until we get a bullish confirmation or even a bearish confirmation, I will continue to monitor the price movement closely and will always report here with whatever I find. So stay tuned and keep visiting Binance square for more trade clues. Keep trading with Binance, and remember, a happy trader is a Binance trader.
