I rarely make Ethereum TAs but for the sake of respect, I have to include it in my crypto short-term trading plans today. I show respect to this crypto but not a fan, personally. No offense!
Speaking of respect, ETHUSD is finding that magic word yet. The successful merging aka "ETH version 2.0" means nothing when I have a clear view of its 4H charts.
I think the Ethereum's price action now is highly affected by this considerable bearish Head and Shoulders pattern size! Still a long way to go for some big price movements to be seen on the 2nd largest cryptocurrency according to market cap.
I will remain bearish for the ETHUSD until that left shoulder's demand levels be back-tested then price gear reversal happens.
This TA might become mid to long-term analysis based on that claim.
Anyways, for this happen, need huge amount of volatility. Until so, I remain bearish.
Long entry will be good on S1's retest other wise putting stop loss at $1,285 mark upon freefalling back to ETH's previous range is decent risk.
Taking profit on $1,500 will give a risk:reward score of 1.867 for this trading plan.
Original article written by me:
https://www.finlogix.com/analysis/20220917/eths-merge-aka-20-got-disrespected-by-its-bearish-hs
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