Intraday Analysis

Re-asssessing ETHUSD’s high timeframe candlesticks:

Yearly Candle: Still a Green Body with a Slightly Longer Head Wick since last check

Monthly Candle: Still a Green Spinning Top since last check but Wicks Lengthened

Weekly Candle: Last check is a Green Body now a Green Long Upper Shadow

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is developing a Red Gravestone Doji

Still bullish on the yearly, however the monthly candle became a long-legged green spinning top suggesting that the Ethereum may have reached a new local top already and buyers are showing signs of exhaustion.

Intraday is losing grounds to above the 3500 level.

Last week’s drop support might be re-tested once again as we head into a long Easter weekend.

Trade Plan

The important 3000 level mentioned in my previous analysis is still a viable strong support.

My stop loss caught in the 4H 200-SMA previously and the ETHUSD’s price is trading in a narrow consolidation at time of writing this.

I change my instance to bearish for now.

With my bets on a further strengthening of the US Dollar and Bitcoin back in its former ATH levels, I’m going to short the ETHUSD with the following orders:

Sell Entry: 3501.4

Stop Loss: 3678.9

Take Profit: 3105.1

Risk to Reward Ratio: 2.23

Conclusion

I’m going to enter aggressively through the current consolidating levels. We just saw a recent drop rejection from 3620 level.

If I am right in what I’m seeing, I am rewarded with a 2.23 RR score and risk the stop loss above the swing highs this week.

Good luck again.

Trading involves risk.

Full read here:

https://www.finlogix.com/analysis/20240328/eth-intraday-analysis-and-trading-plan-for-march-28-2024