27.5$ Top Wick and 25$ Candle Body 🫣 -> Rejection of Highs

Ethereum is Creating Lowr Lows and Lower Highs as it descends away from our Weekly Supply level $1,915. Price ran into th Weekly Supply level last wednesday and ever since then we have been unable to identify a push to create a Higher high on the Intraday timeframes. Instead price is retracing and it appears to be stepping down stairs in a calculated fashion. As the Monthly candle comes to a close price, we will be able to identify a bearish candle if price closes below $1,873. Price would have to increase +1.6% from the current price to end Break even on the month. If the Monthly candle closes bearish then Bears have established a Resistance. We may then anticipate further downside to fill at least part of the previous monthly candle's bottom wick with momentum carried over. This is the idea behind this Short publishing.

First TP $1,828 Daily Support Level
2nd TP $1,800 Psychological Level
3rd TP $1,723$ Weekly Support Level

Monthly timeframe Outlook : Idea is that we will go to fill at least part of this month's bottom wick with momentum carried over to the next monthly candle

Comentarios:

At the current price $ 1,855 it appears we may have a good shot at closing below $1,873 and closed bearish on the month. This would confirm short trade ideas from intraday resistance zones with good Risk/Reward ratios.