ETH Short-Term Scalp off Strong Support

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Here's a short-term scalp opportunity I'm taking on ETH. This is a terrible looking chart, but ETH is down over 50% since its April high without a single bounce. It's hitting a pretty strong support area around $1800. I think we have at least a short-term rally before the Fed's announce in June which will likely be to raise rates again. This will probably lead to further selling off of all the markets, which is why this is a short-term scalp.

However, if this occurs, I think it will be an unbelievable opportunity to scoop up so very cheap ETH before the Merge upgrade in August. Let's not forget that ETH is one of the only deflationary cryptos out there. It has burned 2.3mil ETH (or $4.2bil) since the EIP-1559 launch last August! Looking at the Fib retracement, it may be wishful thinking to hit $2400 but I'm aiming for the .382 level before the announcement. At least this is my game plan.

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I was really hoping for more of a ETHBTC bounce, but ETHUSD has remained below resistance and has yet to break this lower high (LH) trend. ETHBTC does not look really good at all either. I took some profit on the chance this dumps.

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٧ يونيو ٢٠٢٢

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I re-entered here on the breakout. Goal is to reassess the price action around $1900. Hopefully we break through resistance and head back to our original target price at $2,400