Ethereum stacks on longs
Vasl Capital
ETHUSD·
May 07 2023
Stop Loss -3.13%
Holding time 4hr
1918.85
Entry price
1858.75
Stop loss price
Ethereum just broke out of the resistance priced at 1965. This breakout of the resistance has now turned into a support, which needs to form a bullish price action for further fuelling upwards. The trend is already bullish with the higher highs and higher lows being formed.
The descending trendline has broken out for buys and is continuing the validation for the mark up.
The retracement level is in confluence with the support level as the retracement level is 50%.
The EMA 50 is bullish right now and has perfectly blanketed the price action for the bullish impulse.
RSI is at 74. It is almost at the over bought region and for us to take the bullish long position, we need to wait for the retest at the support level, and the neutralization of the 50 level of RSI.
CONCLUSION: BULLISH