👍🏻👍🏻👌🏻👌🏻$$$$$$ETH
Yesterday, I shared an entry opportunity for a trade on Ethereum (ETH). Today, we have already realized a small profit. Here is a detailed analysis of our current position and what we plan to do next.
Technical Analysis
Current Position: ETH was bought after a Break of Structure (BOS) and a Change of Character (CHOCH).Order Block (O.B): The price rebounded off an order block (O.B) on the 1H chart, suggesting further upward movement.Fair Value Gap (FVG): The filling of the Fair Value Gap (FVG) also indicates a possible continuation upwards.Target: We are aiming for the resistance zone around 3643 USD.Stop Loss: Our stop loss is placed below the last significant low.
Fundamental Analysis
Ethereum 2.0 Upgrade: The transition to Ethereum 2.0, with the shift to Proof of Stake (PoS), is a major development expected to reduce transaction fees and increase network efficiency.DeFi Adoption: Ethereum is the primary network for decentralized finance (DeFi) applications, and its demand is rising as DeFi gains popularity.Institutional Support: More institutions are adopting Ethereum, boosting confidence and demand for ETH.
Recommendation
For ETH, we recommend:
Maintaining Positions: As long as the price stays above key support zones and stop loss levels, we remain in our trade.Closely Monitoring Volumes and Reactions to Resistance Zones: This will give us an idea of whether the price has the potential to continue rising or might face significant resistance.Adjusting Stop Losses: If the price continues to increase, move the stop losses to secure profits.Monitoring Fundamental News: Keep an eye on major announcements and developments that could impact the value of ETH.
