Daily Price Action
Shares

ETHUSD: Ethereum Dip to Offer Buying Opportunity

Shares

ETHUSD just experienced a 10% pullback from yesterday’s high.

Such retracements in crypto aren’t all that rare.

I was also anticipating this drop to the $1,950 region per my comments yesterday on Twitter.

In fact, the lower boundary to my support area for Ethereum was $1,933.

Today’s low is $1,930.

But the big question is, has Ethereum bottomed?

While there are no guarantees, the $1,950 region is incredibly strong.

ETHUSD weekly time frame

Notice how the area between $1,930 and $1,950 is weekly support.

However, Wednesday’s price action isn’t overly convincing.

After an initial 4% bounce, ETHUSD stalled out and even revisited the $1,940 area again.

And although the market is staying above $1,930 for now, I haven’t seen the buying pressure one would expect after a 10% pullback from all-time highs.

Furthermore, both BTC and ETH are holding below critical resistance levels.

For BTCUSD, it’s the $56,800 level.

The market needs to get back above that area on a 4-hour closing basis to expose higher levels.

And for ETHUSD, the pair needs to get above $2,010 on the 4-hour chart to regain its footing.

Until that happens, the crypto markets look vulnerable.

If $1,930 support for ETHUSD fails, I’ll be keeping a close eye on the $1,850 support area.

I’ll also be eyeing $54,000 for BTCUSD.

Want to Watch the ETHUSDT Video I Just Released to Members?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in April!

Leave a Comment:

3 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 4,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in April!

Reply
Masoud says

Thank you sir

Reply
ali says

thanks for the update justin.

Reply
Add Your Reply