ANALYSIS #ETH ON 09/06: The 1,600 Sweep Might Be a Trap Before the Next Drop?
ETH is currently still in a short-term markdown structure, not in a markup phase yet. Preferred view for the next 24 hours: the market makers (MM) are likely to sweep down first, grabbing liquidity below 1,621, 1,600, and 1,589, possibly even dipping deep to 1,553, before pulling back up to the supply zone to lure in longs and trigger chasing shorts.
The critical zone right now is 1,600–1,589. If ETH sweeps down to this area and then reclaims back to 1,628–1,640, the price could technically bounce up to 1,648–1,666. However, this is not a strong reversal signal yet; this zone could easily be where MM sets up a bull trap / small LPSY to continue selling down. If the price bounces back to 1,648–1,666 but M15/M30 rejects, the priority remains to short with the trend.
Guys, wait for ETH to bounce back to 1,648–1,666 and watch for rejection. You can split your shorts at 1,648–1,656 and 1,657–1,666. SL at 1,710, TP1: 1,600. TP2: 1,576. TP3: 1,543–1,507.
ETH is still at the end of a markdown / beginning of potential accumulation, not confirming a bottom yet. If it holds 1,507–1,553 and breaks back above 1,721, the price could open up for a bounce to 1,870–1,982. Conversely, if it loses 1,507, the targets below are 1,449 and 1,375.
ETH is currently still in a short-term markdown structure, not in a markup phase yet. Preferred view for the next 24 hours: the market makers (MM) are likely to sweep down first, grabbing liquidity below 1,621, 1,600, and 1,589, possibly even dipping deep to 1,553, before pulling back up to the supply zone to lure in longs and trigger chasing shorts.
The critical zone right now is 1,600–1,589. If ETH sweeps down to this area and then reclaims back to 1,628–1,640, the price could technically bounce up to 1,648–1,666. However, this is not a strong reversal signal yet; this zone could easily be where MM sets up a bull trap / small LPSY to continue selling down. If the price bounces back to 1,648–1,666 but M15/M30 rejects, the priority remains to short with the trend.
Guys, wait for ETH to bounce back to 1,648–1,666 and watch for rejection. You can split your shorts at 1,648–1,656 and 1,657–1,666. SL at 1,710, TP1: 1,600. TP2: 1,576. TP3: 1,543–1,507.
ETH is still at the end of a markdown / beginning of potential accumulation, not confirming a bottom yet. If it holds 1,507–1,553 and breaks back above 1,721, the price could open up for a bounce to 1,870–1,982. Conversely, if it loses 1,507, the targets below are 1,449 and 1,375.