ANALYSIS #ETH ON 23/06: MM MAY BE SETTING UP FOR A SWEEP AT 1,700
ETH is currently around 1,730–1,735, sitting in the middle of the M30/H1 range, so it’s not the best area to FOMO Long or Short. The highest probability view in the next 24 hours is that MM will continue to sweep for liquidity first, before deciding the direction.
The key zone to watch below is 1,718 down to 1,700/1,695. This is where many short-term Long orders might have their stop-losses placed. If ETH dips down to this level with a wick, then reclaims back to 1,724–1,732, there's a high chance that this is a fake breakdown / Short trap, and we could prioritize Long.
Wait for ETH to sweep down to 1,708–1,700, and deeper it could wick to 1,695–1,690. Don’t Long blindly; only Long when you see the price pull back and hold above 1,724–1,732.
Entry: 1,708–1,700
Confirmation Entry: 1,724–1,732 after reclaim
SL: 1,670
TP1: 1,748
TP2: 1,768–1,785
Strong TP3: 1,810–1,847
If after sweeping 1,700, ETH closes H1 below 1,695 and fails to retest 1,700–1,710, cancel the Long setup; in that case, the structure turns bearish, with the target below at 1,665 - 1,638.
3-week outlook: ETH is still in an unconfirmed Accumulation zone, with a wide range of 1,510–1,847. To flip the phase clearly, ETH needs to break and hold above 1,847. Only then will it pave the way up to 1,900 -1,985 - 2,097. Conversely, if it loses 1,510, the entire accumulation view falls apart.
ETH is currently around 1,730–1,735, sitting in the middle of the M30/H1 range, so it’s not the best area to FOMO Long or Short. The highest probability view in the next 24 hours is that MM will continue to sweep for liquidity first, before deciding the direction.
The key zone to watch below is 1,718 down to 1,700/1,695. This is where many short-term Long orders might have their stop-losses placed. If ETH dips down to this level with a wick, then reclaims back to 1,724–1,732, there's a high chance that this is a fake breakdown / Short trap, and we could prioritize Long.
Wait for ETH to sweep down to 1,708–1,700, and deeper it could wick to 1,695–1,690. Don’t Long blindly; only Long when you see the price pull back and hold above 1,724–1,732.
Entry: 1,708–1,700
Confirmation Entry: 1,724–1,732 after reclaim
SL: 1,670
TP1: 1,748
TP2: 1,768–1,785
Strong TP3: 1,810–1,847
If after sweeping 1,700, ETH closes H1 below 1,695 and fails to retest 1,700–1,710, cancel the Long setup; in that case, the structure turns bearish, with the target below at 1,665 - 1,638.
3-week outlook: ETH is still in an unconfirmed Accumulation zone, with a wide range of 1,510–1,847. To flip the phase clearly, ETH needs to break and hold above 1,847. Only then will it pave the way up to 1,900 -1,985 - 2,097. Conversely, if it loses 1,510, the entire accumulation view falls apart.