Hello Traders and welcome back another technical analysis of ETH USDT. As discussed in the last updates, Ethereum is still ranging in the same areas mentioned on the last updates.
Here is the latest updates for 4 hour timeframe and 1 hour timeframe, Since there has nothing happened on Daily and Weekly timeframes, you can still use them as your guide for this week until any key level is not broken.
4 Hour Timeframe
Waheed’s Analysis
In the 4 hour timeframe the ETH USDT is range bound, range high at 2120.14 and range low at 1932.91. Currently the 4 hour timeframe is retracing since there was a huge break to the upside, it needs to cool down and gradually move up which is a good sign of market strength.
The retracement levels for Ethereum are shown below in the Fibonacci Retracement table, you can check them. The area where I am happy to take a position is 0.618, 0.786 and 0.882.
The demand zone and the supply zones are marked with the Blue and Red rectangles respectively and tables below contain the prices.
Support and Resistance Levels
Support
1931.69
Resistance
2118.22
Fibonacci Retracement Levels
0.382
2056.39
0.50
2033.34
0.618
2007.14
0.786
1972.56
0.882
1951.60
Supply Zone
Zone Number
High
Low
First Zone (slightly touched)
2135.11
2096.29
Demand Zone
Zone Number
High
Low
First Zone (Mitigated)
2007.63 (Mitigated)
1929.29
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish Gap (Filled)
2011.19 (Filled)
1981.64
1 Hour Timeframe
Waheed’s Analysis
Currently ETH USDT is trading at 2029.34 when writing this blog post. I have been long since i updated you guys on my last update. Currently ETH USDT is showing some strength for upside.
Wait for the key fib levels (Fibonacci Retracement Levels) to be hit and the price shows some strength.
You can long Ethereum in my opinion, currently shorting the ETH USDT is very risky. Wait for the key levels as marked on the chart with white lines, the one at the bottom has been broken but the retracement will be a good long option.
Support and Resistance Levels
Support
1995.07
Resistance
2070.88
Fibonacci Retracement Levels
Bearish Retracement for Short position or Take Profit Zones.