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ETH-USDT: Important Data Approaching, Market Reversal Coming

Cryptocurrency
Summary:

ETH was supported at 1150 when dropping to 1150 yesterday. It's forming a rally trend in the 4-hour time frame. The first pressure level above is 1230 and the strong resistance is at 1300.

Buy ETH-USDT
End Time
CLOSED

1184.97

ENTRY PRICE

1300.00

TGT PRICE

1060.00

SL PRICE

1591.20 +16.08 +1.02%

8456

Points

Profit

1060.00

SL PRICE

1269.53

CLOSING

1184.97

ENTRY PRICE

1300.00

TGT PRICE

Hot News

1. Bloomberg: BlockFi is cutting costs in preparation for restructuring and will lay off nearly 70% of its employees.
2. U.S. House lawmakers will hold the first hearing on FTX bankruptcy on Dec. 13.
3. U.S. Texas Governor: A working group has been set up to improve Bitcoin legislation.

Sentiment

The Crypto Fear and Greed Index is at 26, representing fear. The index was 28 yesterday and 26 the day before yesterday. This week will see the release of U.S. ADP, non-farm payrolls, and other important data, so the following market is expected to be volatile, and sentiment will also follow suit.

Technical Analysis

ETH fell back after rebounding to around the range of 1200-1230. It was supported at 1150 when dropping to 1150 yesterday. Now, it's bouncing again and is forming a rally trend in the 4-hour time frame. The first pressure level above is 1230 and the strong resistance is at 1300. It's recommended to trade quickly before the release of important data. We can create long positions at the market price, with the stop loss set at 1070 and the target at 1300.
ETH 4-Hour Candlestick Chart
ETH-USDT: Important Data Approaching, Market Reversal Coming_1
ETH Daily Candlestick Chart
ETH-USDT: Important Data Approaching, Market Reversal Coming_2

Trading Recommendations

Trading direction: Long
Entry price: Market price
Target price: 1300
Stop loss: 1060
Support: 1070
Resistance: 1200, 1300
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Damon

Analyst

I worked as an analyst at a well-known forex brokerage firm and have been engaged in the financial industry for 10 years, involving forex, futures and stocks. I'm especially good at analyzing and interpreting the market using fundamental data.

Rank

8

Articles

1132

Win Rate

48.75%

P/L Ratio

0.87

Focus on

ETH-USDT, BTC-USDT, XAUUSD

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