I plan to wait for price to retrace back into the 264 to 260 area and look for reversal patterns on smaller time frames to get long. My risk will be measured from just below our current support which is 260. Also another support to measure risk from is the 254 area. The conservative target for this trade is 288, and the more aggressive target is 302. Assuming an average entry price of 262, my RR theoretically is around 8:1 for T1 and 14:1 for T2. Yeah these numbers might seem a little outrageous, but that's the wonderful world of ethereum for you. The time frame for these targets is within the next 24 to 48 hours. If price does not pull back, then I will wait for the next retrace opportunity.
We are currently sitting under the 273 resistance which was previously an important support, so a retrace from here is reasonable to expect. My scenario will be negated if price goes below 243. That would be a sign of significant weakness returning to the market. Let's see what happens.