This $ETH chart still favors the long side, but chasing at the current price is not the cleanest move. Price is around 2,461.74, sitting well above MA7 2,258.81, MA25 1,990.81, and MA99 1,866.97, so the trend is still strong even after the sharp move.
Bias: Long on pullback
Entry zone: 2,380 to 2,430
Stop: below 2,335
TP1: 2,484
TP2: 2,546
TP3: 2,650 to 2,720 if momentum continues
The reason I prefer long is that ETH broke out from a long consolidation and buyers are still holding above the short-term moving average. A short only starts to make sense if price rejects hard near 2,484 to 2,546 and then loses 2,355. Until that happens, the cleaner setup is waiting for a pullback into support and looking for continuation.
Bias: Long on pullback
Entry zone: 2,380 to 2,430
Stop: below 2,335
TP1: 2,484
TP2: 2,546
TP3: 2,650 to 2,720 if momentum continues
The reason I prefer long is that ETH broke out from a long consolidation and buyers are still holding above the short-term moving average. A short only starts to make sense if price rejects hard near 2,484 to 2,546 and then loses 2,355. Until that happens, the cleaner setup is waiting for a pullback into support and looking for continuation.