Hi friends! In previous ideas I explain you why the MERGE of ETH is similar to BTC halving. Long story short, a lot of people wait for some crypto events and buy coins in hope to make HUGE money. In real life, the price of crypto falls after such events.
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The same happen to ETH MERGE. A lot of retailers wait for the growth, but now sell their ETH to whales on this fall.
I think that after ETH fall below the channel and the local low of $1192 will be renewed, the whales will buy enough coins and even the most patient traders will not be able to survive at this drawdown. And here we have a chance to open our longs.
๐ The main reasons to open a long:
๐ฅ false breakout of the channel. When the price fall lower the channel and then return inside it, it will the time to open a long
๐ฅ volume growth
๐ฅ squeeze to the trendline before the breakout
๐ฅ bullish BTC
๐ฉ DOM and Footprint help to identify the moments before the pump and dump because using these trading tools I can see the whales orders. The whales are the price drivers.
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My local targets on ETH:
1. $1476-1500 - the local key levels
2. $1570-1640 - the value area
I recommend you to book 75% of profit when ETH reach our 2nd target.
๐ปFriends, press the "boost"๐ button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.