Jack's Trading Room | Late Night Analysis on ETHUSD

In the previous technical analysis on April 19, 2021, titled "ETHUSD Ethereum Buy Conditions Met After Pullback," we mentioned that Ethereum retraced to the moving average support channel, and the buy conditions were met.

In the technical analysis article "ETHUSD Ethereum Buy Conditions Met After Pullback" published on April 19, 2021, we mentioned that Ethereum retraced to the moving average support channel, and the buy conditions were met.

Today, we see the 4-hour candlestick chart of ETHUSD. After the previous analysis article was published, Ethereum briefly dropped to a low of 2053.25. It is important to note that Ethereum has not fallen below the previous low support of 2049.15 on the 4-hour chart, nor has it triggered the stop-loss level mentioned in our previous analysis article at 1944.85.

The overall trend is still supported by the lower moving average channel, and as indicated by the black rectangle on the chart, it shows a potential double bottom pattern. If the neckline high of 2283.10 is broken, it can be determined that the bottom is formed. According to the previous technical analysis, for those who entered long positions, it is advisable to continue holding objectively until the stop-loss level is reached.

*This is a medium-term 4-hour cycle trading. Positions should be executed according to the trading strategy. Wishing everyone successful trading.

In recent days, the digital currency market has experienced significant fluctuations. It is recommended that operators strictly implement risk control measures and avoid high leverage and high contract volume operations to avoid additional losses caused by volatile market conditions. This article is personal opinion. Readers should refer carefully. Cryptocurrency trading may involve risks to your capital.

WeChat Official Account: Jack's Trading Room

Official Telegram Channel: https://t.me/JackCryptoRoom