Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

Ethereum Analysis & Trading Plan-8 October 2024 #forex #trading #crypto #forexsignals #fyp #shorts

8 Oct 2024 · 1 min

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In this brief market commentary, Vladimir Ribakov explains why he views Ethereum as a short‑term "sell the rallies" opportunity. He points to a bearish divergence on the 4‑hour chart (higher price highs versus lower MACD highs) and a broken 4‑hour trendline. On the 1‑hour chart, he notes a completed bearish pattern of three lower highs and lower lows, followed by a retest of the broken 4‑hour trendline. The current pullback aligns with two key Fibonacci levels, and Ribakov plans to sell any upward moves as long as those Fibonacci supports hold.

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Here is why Ethereum for me is a short-term sell the rallies. 4-hour chart bearish divergence: higher highs on the chart, lower highs on the moving average of the MACD, and the most recent trend line is broken to the downside. As the breakout happens, the 1-hour chart completes bearish price action: 3 lower highs, lower lows, and then retests the broken 4-hour chart trendline. Right now, the pullbacks takes us back to the Fibonacci levels, and as long as these 2 Fibonacci levels will hold, for me, sell the rise is the plan.