"Jack's Trading Classroom: The Bullish Trend of ETHUSD Ethereum"

Original Jack's Trading Classroom "Bullish Trend of ETHUSD Ethereum"

Starting with a review of our previous analysis article, on April 21, 2020, we published a technical analysis "ETHUSD Ethereum Trend Short Review." At that time, we mentioned in the article that the trend structure was still intact, so we should continue to view it from a bullish perspective.

Currently, we see the four-hour candlestick chart of ETHUSD, where the potential double bottom reversal mentioned in the previous article failed as the high point was breached. The upward channel structure remains intact, and the bullish trend continues. Through Fibonacci sequence analysis, Ethereum retraced to the Fibonacci price of 50150.05, which is within the upward trend.

Therefore, in the future, we can optimistically look at the upper Fibonacci sequence of 150202.95, where the target price coincides with the resistance at 202.50. Therefore, for trend traders holding long positions, it is recommended to set the take-profit position in the range of 202.50 – 202.95 and exit when the price reaches this range, waiting for the next entry opportunity.

Upper resistance levels
R1 202.50

Lower support levels
S1 182.15
S2 170.95
S3 164.30
S4 157.05
S5 131.90

In recent days, the cryptocurrency market has experienced significant fluctuations. Operators are advised to strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, please read with caution, as cryptocurrency trading may pose risks to your capital.

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Further Reading

• "Jack's Trading Classroom" BTCUSD Upward Channel Waiting for Breakthrough Entry Point
• "Jack's Trading Classroom" BTCUSD Bitcoin Recent Trends