The second largest cryptocurrency after an impressive recovery over the last three days and a new ATH showed signs of correction today forming thus a bullish flag on hourly time frame. Few weak hands sold their Ethereum and the price visited briefly the support area 1360-1300(previous resistance). In my opinion if the Bitcoin remains stable and will not drag the whole market down, a possible breakout is imminent and the nearest take profit area is at $1550 for short term trades. Alternative scenario is that we will see a further movement down and the 1300 will be tested, which is a good support now. This is also a good area for opening long positions with stop loss 3-6%. Beiden's inauguration shook a bit the stock and crypto markets, that's why stop loss is bigger than usual due the stop hunters. Always follow your risk management!
