(Two pancakes) $ETH My view:
The triangular pattern has already broken, and the price once dropped through 2440. Now it depends on whether it will fake a breakdown and whether it can reclaim that level.
If it can reclaim the triangle, the slow grind down could pause and the rebound can be watched around 2535. If it can’t reclaim it, then it will likely continue to test 2440. If this level also can’t hold, then it basically needs to run toward 2350.
One reminder: the recent upswing volume is really poor, and it’s not following the trendline either—just dithering. Don’t get lured into it; there’s not much trading value.
For going long: wait for a volume-backed breakout above 2471 before chasing; if it gets reclaimed, place a stop-loss and exit if needed. If the 1-hour chart holds above 2471, the upside is 2500 to 2540.
For going short: if 2440 breaks down on strong volume, chase the short. Make sure your stop-loss is set properly. If the 4-hour chart breaks 2440, then look for 2385 down to 2340.
Pullback play: when 2385 confirms support, you can take a small long position. If it breaks below 2355, exit.
Short at higher levels: around 2560 you can consider a short; if price breaks above 2590, stop out.
Left-side opportunity: buy around 2320; stop-loss if it drops below 2285.
The triangular pattern has already broken, and the price once dropped through 2440. Now it depends on whether it will fake a breakdown and whether it can reclaim that level.
If it can reclaim the triangle, the slow grind down could pause and the rebound can be watched around 2535. If it can’t reclaim it, then it will likely continue to test 2440. If this level also can’t hold, then it basically needs to run toward 2350.
One reminder: the recent upswing volume is really poor, and it’s not following the trendline either—just dithering. Don’t get lured into it; there’s not much trading value.
For going long: wait for a volume-backed breakout above 2471 before chasing; if it gets reclaimed, place a stop-loss and exit if needed. If the 1-hour chart holds above 2471, the upside is 2500 to 2540.
For going short: if 2440 breaks down on strong volume, chase the short. Make sure your stop-loss is set properly. If the 4-hour chart breaks 2440, then look for 2385 down to 2340.
Pullback play: when 2385 confirms support, you can take a small long position. If it breaks below 2355, exit.
Short at higher levels: around 2560 you can consider a short; if price breaks above 2590, stop out.
Left-side opportunity: buy around 2320; stop-loss if it drops below 2285.