Inverted cup on ETH 1H
Hi and welcome to this Analysis on ETH on the 1 H chart.
Following its massive rally all the way from 1700$ to 3300$, ETH has entered a range-bound period at 3000-3350 $ area.
With 3350 $ being a tough resistance, ETH has failed to break it and has formed several peaks under that value.
Thus, forming sth like an inverted cup-handle on this 1 H chart that can be a good shorting position for scalp traders.
upon breaking down the upper support the first target will be the strong support at 2950-3000$.
please feel free to share your ideas and comments
Thanks for reading my analysis on ETH 1H
Following its massive rally all the way from 1700$ to 3300$, ETH has entered a range-bound period at 3000-3350 $ area.
With 3350 $ being a tough resistance, ETH has failed to break it and has formed several peaks under that value.
Thus, forming sth like an inverted cup-handle on this 1 H chart that can be a good shorting position for scalp traders.
upon breaking down the upper support the first target will be the strong support at 2950-3000$.
please feel free to share your ideas and comments
Thanks for reading my analysis on ETH 1H
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