ETH Bullish Descending Channel
After nearly a month of consolidation, ETH broke through the box upwards and is currently suspected of entering a bullish downward channel. There are three effective contacts on the lower edge, and the upper edge of the channel cannot yet be determined. Pull the Fibonacci wave from where ETH started to explode, and pull the transaction distribution. You can see that VAH and 0.618 almost overlap, around 2370, and POC almost overlaps with 0.886, around 2230, so if the price comes here The neighborhood is a place worth trying to do more.
Violent bulls can place long orders on the left ladder near 2370, aggressive bulls can cut in on the right side near 2370, and stop loss below 2330. If the price continues to drop, violent bulls and aggressive bulls can place long orders on the left ladder near 2230, and conservative bulls On the right side of these two positions, cut the stop loss below 2160 and the take profit target above 2720.
For shorts, aggressive shorts can try to reach high on the upper edge of the channel and take profit on the lower edge of the channel. If the price continues to fall into the box, aggressive shorts can try to open a short position on the right side near 2370, with a take-profit target below 2160. Conservative Short sellers are not advised to participate.
I personally don’t like to watch the market and prefer left-side trading strategies. Trading strategies are time-sensitive. All comments do not constitute any investment advice. I wish you all good luck~
