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Trade analysis and trading tips on Ethereum
The price test at $1,868 coincided with the MACD indicator being in the buying zone, confirming the entry point for buying Ethereum. As a result, the upward movement led to $1,871, but the asset failed to move higher. In the second half of the day, when the price tested $1,862 and the MACD was in the selling zone, it confirmed the point for selling Ethereum, resulting in a drop to around $1,855.
Today, during the Asian session, the entire cryptocurrency market experienced a significant sell-off, affecting Ethereum as well. From a technical standpoint, the situation for buyers is critical as trading is happening near the lower boundary of the sideways channel at 1815, where the trading instrument has been since July 20th. Breaking below it won't lead to anything positive; instead, it will amplify the sell-off. For this reason, it would be better to act today based on scenarios 1 and 2 for selling.
Buy signal:
Scenario 1: You can buy Ethereum today when it reaches the entry point near $1,835 (green line on the chart) to reach the level at $1,851 (thicker green line on the chart). Once it reaches $1,851, it is better to close long positions and open short ones. Today, Ethereum is unlikely to show significant growth. Important! Before buying ETH, ensure that the MACD indicator is above the zero mark and is rising from it.
Scenario 2: You can also buy Ethereum today if it tests the price of $1,823 twice. This will limit the downward potential of the trading instrument and lead to an upward reversal. We can expect a rise to the opposite levels of $1,835 and 1,851.
Sell signal:
Scenario 1: Selling Ethereum today is only possible after it tests the level of $1,823 (red line on the chart), which will lead to a rapid decline. The key target for sellers will be the level of $1,809, where you may close short positions and open longs. Pressure on Ethereum could increase at any moment, especially after breaking below the lower boundary of the channel at $1,815. Important! Before selling ETH, ensure that the MACD indicator is below the zero mark and is just starting to decrease from it.
Scenario 2: Selling Ethereum today is also possible if it tests the price of $1,835 twice when the MACD indicator is in the overbought zone. This will limit the upward potential of the trading instrument and lead to a downward reversal. We can expect a drop to the opposite levels at $1,823 and $1,809.
On the chart:
Thin green line - entry price for buying the trading instrument.
Thick green line - the presumed price where you can set Take Profit or independently secure profits, as further growth above this level is unlikely.
Thin red line - entry price for selling the trading instrument.
Thick red line - the presumed price where you can set Take Profit or independently secure profits, as further decline below this level is unlikely.
MACD indicator. When entering the market, it is essential to consider overbought and oversold zones.
Important. Beginner traders in the cryptocurrency market need to make decisions about market entry very cautiously. It's best to stay out of the market before important fundamental reports to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always use stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.
Remember that successful trading requires a trading plan, like the one presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for intraday traders.