Which Levels To Target For ETHEREUM_ _DAILY CRYPTO ANALYSIS

Hey guys, it's Matt. And in this video, we're going to be breaking down Ethereum. So I'm going to be analyzing the trend, the overall price action, and much more related to what's been going on. So with that being said, let's continue. Now here on the daily, following this bearish impulse of move of where the price action pushed all the way down to about $1,500, we can see how we had a corrective wave within the last couple of days of where the price action rejected this imbalance here. So this price imbalance that's marked roughly between $1,500 all the way up to $1,550, so this low on August 2nd would technically mark the top. This is an imbalance that I was waiting for, for the price to mitigate as it was falling from the highs of $2,000. So because we tapped into this, the overall order flow started to pick up again, and so that's where we have this bullish corrective wave now dropping down even further. Now let's go onto the four hour. What we're waiting for is to wait and see which price the price action is likely to reject as we continue pushing upwards, because the overall daily trend on a long-term scale is still bearish, but now we're simply gathering up enough liquidity in order for the price delivery to continue pushing lower. So this is where right now we can see that we're consolidating pretty heavily, but we are gradually creating these higher highs and higher lows. And so now if I, maybe let's drop down to the two hour, this is where if I draw a bullish trend line, connecting these lows and the closing prices, then this is what it pretty much looks like. So on the intermediate term timeframes, the overall cycle is now pushing us into the upside, but I am waiting for this trend line to inevitably break. But like I said, that's not going to happen immediately. We're going to push into a region that's going to provide us with even more liquidity. And then when that's rejected and the overall bearish momentum picks up again, as well as when you have a break of structure, then we're going to continue pushing lower. So what are some levels that we can push into? Well, this is where, if I take this entire bearish impulsive move that started from August 18th, so from this peak all the way down to these lows down here, then if I take that and connect the volume profile to these levels and also match it up with the Fibonacci retracement tool, since it's nice to combine these two, because they usually go hand in hand, then this can tell us which levels the price is likely targeting. So the first one that I'm waiting for, for the price action to push into is into the 50% level, which we're not that far away from, so that would technically mark itself out as a supply zone. So if I just narrow it down to the lower half of where we were consolidating, what was it, August 19th, then this is an area where an abundance of supply would be residing in, and so that's where I believe we can get a bearish reaction. However, this might not necessarily represent the top. So even if we get an initial rejection off of this region, we can still continue respecting this overall bullish hourly trend, and we can break through this level. So if we break through these highs of 1725 or 1730, I would expect this to continue pushing up at least another 50 or $60 because then the next region that I'm paying attention to, and this one is a little bit more extreme, but I don't believe it's that unrealistic. That's where I'm looking at basically this price imbalance that matches up perfectly between the 70.7 and the 78.6% levels. So if I take that and connect to this region, this would mark my point of interest. So this is an area of where, because we have an imbalance here, even more liquidity would be residing. So the question is, well, are we going to reject the supply zone? Is this going to be the top or is this going to be the top? Well, when it comes to the markets, we can't predict this to a 100% accuracy. So we sort of just have to react to the first supply zone. And then if we end up pushing higher to this imbalance, this is where we're more likely to reject that and mark the top right around here. And then if we reject that and continue pushing lower, then this is where we would break below this bullish trend line. And this is where you can eye the price action to push all the way back down to these lows of around $1,500. So this is what we can visualize, right? A deeper correction and then a rejection followed by a continuation lower at that point on, because we already mitigated this previous imbalance, you wouldn't have low transactional volume here anymore, since this was already cleared. So at that point, you would be looking at lower lows. And the next area that I'm personally paying attention to the most is this price point that's at around 1250. So between 1250 and $1,300. And the reason for that is pretty simple. If we just think about this from a probable standpoint of where we recently had resistance, that would mark up these highs that occurred throughout the month of June and the month of July. So if I just stretch this out and mark this out as a nice price region, that's where you can target as a seller. And that's of course, if we break below these lows of where we had this previous imbalance and right above that, you do have a small imbalance that's at around the $1,300 mark, so that's pretty close to this support level. All right. So hopefully you guys enjoyed this update. If you did drop a like and subscribe and then down below for those interested, you can check out my trading community. It's free to join. And if you also want to join my elite group for additional tutorial videos and in-depth live streams that I have with members multiple times per week, and that also includes even more perks, then be sure to check that out if you're interested. So thanks for watching guys. I'll speak to you in the next one.