Possible ETH long setup—yeah, the ETH chart looks brutal after last month’s chaos, but let’s take a sober look at the structure and spot some long opportunities. Here’s the deal: ETH broke its uptrend from summer 2022, smashed through the 200-day EMA, and liquidated most longs—even those with low leverage. End of the bull cycle or just a breather? We’ll see, but I’m leaning toward the latter. Still, in this macro mess, risky assets are struggling—new highs are unlikely until a fresh liquidity wave hits or the Fed keeps easing with rate cuts.
Right now, selling seems to be fading. On the 3D chart, we’ve got a Doji forming in oversold territory (same level as the June 2022 bottom), MACD shows selling momentum dropping, and on lower timeframes, a descending wedge is shaping up. All signs point to a correction after the last 2 months’ drop. Worth noting: we broke that key diagonal level but never retested the trendline. I expect us to hold above 2150$ soon. After some consolidation, price could retest the uptrend line—either to reclaim it or confirm it as resistance. Target: 2700-2800$. That’s where the 200 3D EMA and a big liquidity sweep level at 2860$ sit.
Right now, selling seems to be fading. On the 3D chart, we’ve got a Doji forming in oversold territory (same level as the June 2022 bottom), MACD shows selling momentum dropping, and on lower timeframes, a descending wedge is shaping up. All signs point to a correction after the last 2 months’ drop. Worth noting: we broke that key diagonal level but never retested the trendline. I expect us to hold above 2150$ soon. After some consolidation, price could retest the uptrend line—either to reclaim it or confirm it as resistance. Target: 2700-2800$. That’s where the 200 3D EMA and a big liquidity sweep level at 2860$ sit.
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