Ethereum: New Buying Opportunity from 400USD Support
The price has been moving up in the bullish structure. We could open a long position using a breakout signal above the local downtrend line and 400USD. The price reached another resistance zone at 450USd, and we can expect a reversal with the further downward movement to the support zone. This zone is formed by SMAs and 400USD, which is acting as a support level now. RSI and MACD are going to support such a downward movement.
If we talk about a possible buying opportunity, it will be a good idea to use a possible reversal signal from the support zone. Stop orders for long positions should be placed below SMAs. Profit targets should be at 450USD and 500USD.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If we talk about a possible buying opportunity, it will be a good idea to use a possible reversal signal from the support zone. Stop orders for long positions should be placed below SMAs. Profit targets should be at 450USD and 500USD.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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