ETH - Long-Term View 👀

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

ETH has been overall bullish trading inside the rising broadening wedge pattern just like BTC.

However, it is currently sitting around a strong rejection zone:

📌 Here is why the 2000 is a strong rejection:
1- Round number
2- Daily Resistance
3- Previous Major High

📈 For the bulls to remain in control, we need a daily candle close above 2000.

In this case, a movement till the upper bound of the wedge pattern would be expected, which would be around the weekly supply zone 2250

📌 Meanwhile, the 2000 is acting as a resistance, and if we break below the orange channel downward, the bears would take over for a correction.

In this case, a movement till our previous support 1750 would be expected.

Which scenario do you think is more likely to happen first? and why?

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich