Ethereum ($ETH) Trade Insight Update – 4/09/2022

Ethereum ($ETH) Trade Insight Update – 4/09/2022

This is an update to a previously published trade insight on 4/07/2022: https://marketrebellion.com/crypto-cue/ethereum-eth-trade-insight-4-07-2022/

In an insight from earlier this week we discussed scaling into an $ETH position in the 3150-3200 range. It has been a largely negative week for the markets with Bitcoin dropping below 43k. That being said, $ETH has held up relatively well and managed to maintain the range we discussed in the previous insight. In fact, we have further reinforced these levels with retests of each end of the range, marked by TD 9’s on the hourly chart.

The TD 9’s are evidence of momentum dwindling at these critical levels of 3185 and 3300. In our last insight, we mentioned:

If we take a look at the hourly chart, it is clear that an interim range is being established and we can use this as an opportunity to swing-trade within this range and also be prepared to trade the breakout or breakdown. Not the TD Sequential 9’s, the first marked the interim bottom following intense sell pressure, and we saw tremendous volume come in at this level as buyers stepped in as price approached the 3100 level.”

Once again, I anticipate momentum to begin dwindling once we reach a TD Sequential Sell 9. We are currently on a TD 3, meaning we could potentially still see more positive price action before pulling back. I will be prepared to take profits on the position I scaled into as we reach a TD Sell 9.

Exit: TD Sell 9 on hourly chart

For more on using the TD Sequential Indicator, check out the course available in our education curriculum: https://marketrebellion.com/coursework/cryptocurrency/lessons/trading-crypto-with-td-sequential/