✴️ Ethereum Weekly, Keeping It Simple | #OKXideas

26 באפר׳ 2023

We always say simple is best... If you can't explain something in a simple matter, then it is likely that you do not understand it well enough.

Yesterday I shared a trade idea for Bitcoin looking at multiple timeframe. The weekly signal which revealed that Bitcoin was still bullish was the fact that it continued to trade above EMA50 as well as EMA10.

Now we get into Ethereum and we can see the exact same.

Weekly prices continue safely trading above EMA50 and EMA10.
As long as ETHUSDT is trading above these levels, magenta and green lines on the chart, we know the bulls are ahead.

This is the easiest I can make it but we can support this signal with more.

• The RSI is at 59, which is super strong.
  
• Notice the marked candle, "6-Mar Doji", this is a strong reversal signal and definitely points to a higher high, it supports the bullish sentiment and strong RSI.
  

Ethereum bottomed in June 2022... Almost a year ago.
We are already in a bullish trend... Corrections and retraces are a normal part of the market action, we can use them as breaks.

• When red/support/low we can buy and hold.
  
• When green/resistance/high we can sell and wait.
  

Ethereum is showing potential for additional growth.
This potential is only invalidated on a weekly close below EMA10, EMA50 and EMA21 (1690 - 1800).

Namaste.