$ETH #TradingIdeas #analysis▶️

ETH/USDT D

Slightly updated the possible scenarios for the implementation of events by asset:

🔴 1. Red scenario - continuation of the correction towards the target of $1,990 without updating the high, after the sellers were able to protect the resistance line at the price of $2,530.

🟣 2. Purple scenario - I assume that the market maker will not allow the price to drop to a stronger support level so easily without removing liquidity above the previous high.

The previous high is $2,521, which means there could be a retracement and a test of the upper limit of the descending tapering triangle line.

After that, I assume a continuation of the corrective movement and a descent towards the support level at a price of $1,990.

For now, I'm staying with the bears and sticking with the plan for the correction to continue.

Tomorrow, 10/11/2024, we will know the new consumer inflation index, which is likely to drop to 2.3%, which is almost one step away from the Fed's target.

P.S. This is not financial advice or a call to action. Control your risks.