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ETH/USDTPERP Potential Downward Movement

ETH/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 2648.68, 2892.80, 2900,00

Key Support Levels: 2386.56, 2171.29, 2170.00

Daily Chart:

The price on the higher time frame failed to break the 2648.68 USDT mark, and it posted an engulfing bearish pattern which signals a potential reversal and then a move to the downside in the opposite direction of the main trend.

ETH/USDTPERP Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price succeeded to break the bullish channel formation to the downside after posting an inverse head and shoulders pattern. We expect a higher correction to the neckline of this pattern before a new impulsive wave to the downside

Signal Idea:

Sell Limit Order @ 2504.67

TP 1 @ 2390.16

TP 2 @ 2386.56

Stop Loss @ 2542.58

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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