Ethereum Price Prediction: A Textbook Knife-Catch Scenario – FXStreet
Ethereum price has finally validated the weekly forecast, endorsing a conservative 1.5-1 trade setup forecasted days in advance.
Ethereum Price Bullrun Recap
Since July 22, several outlooks have been issued to our subscribers to keep eye on a possible liquidation and sharp v-shape retracement opportunity commonly referred to as a "knife catch".
"Thus, placing an additional entry at the current time is unfavorable. A knife-catching opportunity could present itself within the $1,300-$1,350 zone in the coming days, with a bullish target in the $1,900 after the plunge. Invalidation of the uptrend scenario is now a breach below $1,270. "
On July 26, the "look for knife catch" reminder was placed near the $1,360 zone based on a combination of Elliot Wave, Auction Market Theory and RSI divergences on smaller time frames.
On the same day, a now or never statement was issued.
Invalidation of the uptrend scenario has been moved from $1,270 to $1,250 for wiggle room and accuracy. A more conservative approach would be to wait for a turn and breach above $1,460 before getting involved with the Ethereum price.
The conservative approach set up a 1.35 to 1 reward-to-risk ratio, which has already landed in the first target zone on July 28. Riskier knife catchers are already in profit, 2x the risk and counting.
Being a trader is never an easy task. You will never win them all and the big moves you miss or get wrong will probably hurt. Still as a trader, when opportunities present themselves you have to be ready to strike while practicing healthy risk management. That’s all you can control.
Ethereum price has validated the uptrend scenario and can rally towards $1,900 in the short term. Traders in profit from the bullish setups this week should be aware that the Ethereum price shows divergence between two impulse waves, which deems the ETH price a difficult coin to hodl. A second retracement into the $1,270 level remains on the cards. Invalidation of the impulsive rally is still a breach of $1,250.
A fractal wave of Ethereum’s previous auction market behavior has been put in place to keep aware of possible smart money traps that remain possible in the future.
ETH/USDT 6-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price has been extremely bullish ever since July 26, when it kick-started a second bullish leg. Regardless, BTC is yet to face another hurdle that will determine if there are buyers with conviction behind the recent run-up or if it is built on weak-handed longs.
Ethereum price has done the unthinkable over the last 24 hours and flipped an important hurdle into a launching pad. All that’s left for ETH to do now is to maintain this momentum and rally to new hurdles.
Timothy Stebbing introduced a new tool in the Dogecoin community’s arsenal to tackle Fear, Uncertainty and Doubt (FUD) about DOGE. The meme coin started recovering after the FOMC rate hike announcement and recouped its losses from the past two weeks.
Investors seem to be shifting their attention back to the cryptocurrency market following the Fed’s Wednesday interest rate verdict, when it raised rates by 75 basis points, to combat rising inflation.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
via Inferse.com https://www.inferse.com
July 31, 2022 at 05:16PM