FX.co ★ Trading tips for crypto beginners. Overview of yesterday's trading in crypto market. ETH on July 11, 2023

Analysis and tips on how to trade ETH

The price tested the level of 1,862 when the MACD just started to move up from the zero point, which confirmed the buy entry point. If you did not close the trade earlier than needed, you could see how the price went to 1,900. ETH strengthened after the dovish statements from the Fed's officials. However, it is too early to talk about a bull market now. Quotes are trading in the middle range of the wide channel. I expect the price to grow more today. Therefore, I will stick to Scenario 1, described below.

Signal to buy:

Scenario 1: I will buy ETH today after the price reaches 1,890 (green line of the chart), targeting 1,903 (thicker green line). I will close long positions in the area of 1,903 and open short ones. Growth may extend once the price leaves the middle range of the channel. Important! Before buying the instrument, make sure the MACD is above zero and just starts moving up from this level.

Scenario 2: I will also buy when the price tests the mark of 1,879 twice, with the MACD being in the oversold zone at that moment. This will limit the instrument's downside potential and lead to a bullish reversal in the market. The quote may go either to 1,890 or to 1,903.

Signal to sell

Scenario 1: I will sell today after the price tests the mark of 1,879 (red line on the chart), which will cause a rapid fall in value. The bearish target is seen at 1,862 where I will close short positions and buy the instrument. ETH may feel pressure if the attempt of the price to go above the middle range of the channel fails. Important! Before selling the instrument, make sure the MACD is below zero and just starts moving down from this level.

Scenario 2: I will also sell the instrument after the price tests the mark of 1,890 twice, with the MACD being in the overbought zone at that moment. This will limit the pair's upside potential and lead to a bearish reversal in the market. The quote may then go either to 1,879 or to 1,862

Indicators on charts:

A thin green line indicates a buy entry point.

A thin green line indicates a point where you can set a Take Profit order or lock in profits manually because the price will unlikely go above this level.

A thin red line indicates a sell entry point.

A thick red line is the estimated price level where you should place a Take Profit order or close positions manually because the quote is unlikely to fall below this mark.

MACD. When entering the market, it is important to pay attention to the overbought and oversold zones.

Important! Novice traders should be very careful when deciding to enter the crypto market. Before the release of important fundamentals, you should stay out of the market in order to avoid sharp fluctuations in the rate. If you decide to trade during news releases, make sure to always place a stop order to minimize losses. Without the order, you may quickly lose your entire deposit, especially if you do use money management but trade large volumes.

Remember that in order to succeed in the market, you should have a clear trading plan, like the one I presented above. Spontaneous decisions based on the current state of the market are a losing strategy for an intraday trader.