ETH/USDT (Futures) Potential Downward Movement

ETH/USDT (Futures) Long-Term Trend: Bearish

Key Resistance Levels: 2656.43, 2792.00, 2927.92.

Key Support Levels: 2396.79, 2290.53, 2157.73.

Daily Time Frame:

The price on the higher time frame failed to break the strong resistance around the 2656.00 USDT market where it posted an engulfing bearish pattern. This led to a move downward below the previous support level (now resistance).

ETH/USDT (Futures) Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the sellers succeeded to break the bullish trend line to the downside with a huge bearish impulsive wave. A higher correction could be seen to the highlighted zone to bring back liquidity before a new bearish impulsive wave toward the target profits.

Sell Limit Order @ 2634.82

TP 1 @ 2385.63

TP 2 @ 2290.53

Stop Loss @ 2736.30

Trade Safely 🙂