$ETH Bounces Off Key Support! đ Relief Rally or Trap?
Watching the 5m chart for $ETH right now. Price just put in a local low at $1,988.16 and is staging a strong recovery, back above the psychological $2,000 level.
đ Quick Analysis:
Support Check: Found buyers right at the local low. Great work holding this zone!
MA Check: Price has successfully broken above the MA 7 ($1,996) and MA 25 ($1,995). If it can reclaim and stay above the MA 99 ($2,012), we could see a powerful trend reversal.
Volume & OI: Seeing decent buying Volume coming in on these green 5m candles. Open Interest (OI) is flattening, suggesting some short liquidations are fueling this bounce.
đ My Strategy:
I'm waiting for a clean close above the MA 99 or a successful Retest of the $2,000 support before committing to a Long.
Strict SL as always because if $BTC slips, ETH will likely follow.
What's your move for the next few hours? Long đ or Short đ?
Comment below! đ
#Ethereum #CryptoTrading #TechnicalAnalysis #Write2Earn #$ETH