Ethereum trading call

Last Friday afternoon (June 25, 2021), I wrote this note to some clients trading Ethereum.

“ETH downtrend (on a daily basis) is intact and remains strong,
this is seconded with ETH entering a new weekly downtrend,

In the very short term (days), ETH is entering an acute technical squeeze,
it is trading at $1,952 as I write this,
a break above $2,150 increases probability of a visit to $2,620
a break below $1,860 suggest $1,730,
below that my ’scorched earth’ Buy is between $1,280 – $1,350 during the July 3rd-12th timeframe”

What happened next ?

……within 1 day, somewhere between Friday 4.30pm AEST and early Saturday evening, Ethereum dived 12% to a low of $1,715.

My note suggested a decline to $1,730. 
ETH found support at that level,
it has since bounced 22% from $1,730.
(ETH is currently $2,107 as I write this)

And so I direct you to the chart below,
it’s a ‘close-up’ of current price action,
so it’s relevant to reference the initial June 25 comments.

“a break above $2,150 increases probability of a visit to $2,620”

so…Long trade remains and the stop loss is at $2,020 (just below the new upward sloping trend line) thus protecting $1,730 long entry.

* not personal advice, just some storytelling, don’t sue me, seek advice or do your work*

June 30, 2021
by Rob Zdravevski
rob@karriasset.com.au