ETHUSD

We last spoke about the ETHUSD price action back in May. In that post price traded at level 2538.3030.The link below can be used as reference https://fxsits.com/the-ethusd-plummets-before-finding-support/ .Since then price plummeted bearish to levels as low as 1772.7879 where it managed to find support. Today price trades at level 2077.1599. Will price maintain this bullish momentum or is this just a retracement?

ETHUSD Daily chart 23 July 2021
ETHUSD Daily chart 23 July 2021

Lately the crypto market has been on a bearish run for the past 3 months with no signs of any bullish price action. Sellers have managed to keep the market trading below the 2000 range. Now with ETHUSD price action currently trading bullish. Will we see price resume its bullish trend? Now that price trades above level 2049.4662 this leaves level 2538.3030 exposed. If price reaches this level this before this month ends. This could be a good indication for buyers.

If the monthly candle closes as a pin bar then we might see next month candle open and trade bullishly. It will be sometime before the higher high is reached and possibly broken. However, for now we can expect to trade the pair bullish. The confirmation for the entry will come at the closing of the on monthly candle. For now we wait and see how price trades within these levels.

ETHUSD H4 chart 23 July 2021
ETHUSD H4 chart 23 July 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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