Hello all, I have worked out a weekly analysis of ETH/USDT for you.
The price at the time of writing (4-03-21 at 09:30) is around $1580.00.
Weekly chart:
https://www.tradingview.com/x/7yw6TqYP/
The price is nicely above a weekly support/resistance point which is at $1383.00. This point was tested at the beginning of this week after which the price rose again by $200.
Further it can be seen that the price is above all the ESMA's and that these are nicely above each other. They are becoming less steep, which corresponds with the current correction. The RSI has dropped from high above 80 back to 65 which means that it is still in bullish control territory. All in all, there is no signal on the weekly chart that we are entering a bear market. 1st point of attention here is the weekly $1380 S/R level and the ATH. A break in either of these directions will signal a clear trend.
Daily chart:
https://www.tradingview.com/x/rgNu0lsn/
The daily chart shows a clear swing high and swing low in which I expect price to find itself for a while. Currently the price is experiencing resistance from the above order block, which is more clearly visible on the 4H chart. In addition, the RSI is now also experiencing resistance from the 50 line and the 12ema. So there is currently a lot of resistance that ETH needs to pass through to continue its uptrend.
4H chart:
https://www.tradingview.com/x/pOK6OnTN/
https://www.tradingview.com/x/mJEd4Ggu/ with fibs
On this chart the earlier mentioned order block is clearly visible, also the price is meeting resistance from the 55, 100 and 200ema. The RSI is climbing and is located in the neutral zone and on the 12ema. Which indicates that the price wants to go up. The price is currently making a HH, HL and HH which could be a trend reversal on the low timeframe. On a side note, the price is now in the golden pocket of the last down wave. This in combination with the resistances which are now above the price, does not yet look positive for the continuation of the uptrend. I don't see a confirmation of an uptrend continuation until the 4H order block is broken and finds support thereon.
Outlook:
All in all, I am bullish on the longer term given the nice price action and positive signals on the higher time frames. For this, the price has to break above the 4H order block and find support there. In the short term, I am slightly less positive and think that another decline will follow and that the weekly level at $1380 will be tested again. I don't expect us to drop through this, but if this happens we will be looking at the $1250 and $1120 levels
If I had to think of a trade setup, for a Long position I would first want the price to get above the 4H order block and retest it. A buy on the retest would then be a nice entry.
For a short position I would wait for a clear rejection of this S/R point at the $1380 or $1250 level.
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