ETHUSD has had an upside pullback. For the sellers, it is more fascinating that the breakout level is held by the daily candles and the level has even produced a bearish daily reversal candle. Today’s intraday price action has been bearish. The sellers are eagerly waiting for a daily breakout at the lowest low of the wave to go short again on ETHUSD.
Let us have a look at the ETHUSD-daily chart.
The Daily Chart
The level of 197.10 is the level where the traders have been keeping their eyes on what ETHUSD’s price action does around it. It first made a breakout, and then it went back to the breakout level for a pullback. The chart shows the level has been held by the daily candles. Moreover, yesterday’s daily candle came out as a bearish daily reversal candle. Consequently, today’s price action has been bearish as expected. The daily traders shall wait for a daily breakout at the level of 172.45 to go short on ETHUSD.
Let us find out what the H4 chart’s price action has been doing.
The H4 Chart
The H4 chart shows that there has been an ascending equidistant channel which was obeyed by the price several times. The support level has been breached. The H4 traders will surely keep their eyes on the chart to go short on ETHUSD upon upside pullback.
The Bottom Line
The daily breakout level is working as the level of resistance and the H4 ascending equidistant channel’s support has been broken. This means the sellers have an upper hand here. The next support may come around at 155.00 zone. This would attract the sellers more to keep holding their short positions up to the level of 155.00. It is a long way to go, but as things stand with ETHUSD, it is very much on the card.