Technical Analysis:
ETH has been displaying a Descending Channel Pattern, indicating a bearish trend, on the daily time frame. Furthermore, a liquidity move has recently occurred within the pattern, which is highlighted by the yellow box. Additionally, a flag pattern has formed, adding significance to the trade setup.
Trade Setup:
Entry: Following the Smart Money Move concept, we recommend entering a long position at $1650. This level is identified as an opportune entry point, anticipating a potential breakout from the Descending Channel Pattern.
Target: Our target for this trade setup is set at $1890, offering a promising upside potential from the breakout level. This target represents the expected price movement following the breakout.
Stop Loss: To effectively manage risk, it is advisable to place a protective stop loss at $1620. This stop loss level is positioned to mitigate potential downside risks.
ETH has been displaying a Descending Channel Pattern, indicating a bearish trend, on the daily time frame. Furthermore, a liquidity move has recently occurred within the pattern, which is highlighted by the yellow box. Additionally, a flag pattern has formed, adding significance to the trade setup.
Trade Setup:
Entry: Following the Smart Money Move concept, we recommend entering a long position at $1650. This level is identified as an opportune entry point, anticipating a potential breakout from the Descending Channel Pattern.
Target: Our target for this trade setup is set at $1890, offering a promising upside potential from the breakout level. This target represents the expected price movement following the breakout.
Stop Loss: To effectively manage risk, it is advisable to place a protective stop loss at $1620. This stop loss level is positioned to mitigate potential downside risks.
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