Welcome to my blog where I discuss with all my point of view of the market, based on technical analysis, and today we are going to talk about Ethereum’s price action, after the correction of Bitcoin yesterday, causing a healthy retracement in most of the top coins. Please note that this is not a financial advice, please do your own research and trade wisely.

Yesterday, Bitcoin’s price suffered a healthy retracement after reaching 15900$ causing a pullback to 14344$, which eventually will cause a pullback in ETH’s price from 468 to 423$. 

Currently ETH is trading above 40 and 200 EMA as shown in the chart, in which the first support for this price is between 420-425$, the second support will be around 396-404$, and the third will be around 380$.

Whereas the first resistance will be around 470$, second resistance will be around 492$.

Check our full chart ETHUSDT chart

In this 4 hour chart we show you our idea of a long entry, in which the entry target will occur only if ETH price pulls back to 40EMA levels, holding on those, and closing the 4 hours candle above 420$, with low risk, and a stoploss placed at 413$. In this trade our first target to sell 75% of our position will be before reaching the first resistance level-465-470- and 25% will be left for the second target, also the stoploss will be moved to the entry price to secure our profit.

However news have been coming about ETH 2.0, the uncertainty and the doubt about the US elections have gone, and we will wait until tomorrow for the markets to open to decide whether this position will stay valid or not.

Please trade wisely and plan your trades.

We would appreciate a comment, a like, a follow and a tip from you.

Thanks for your attention,

Crypto Army