ETHEREUM'S DROP! Where's The Pullback_ _DAILY CRYPTO ANALYSIS

What's up guys, it's Matt. In this crypto update, we're going to be diving into Ethereum. So I'm going to be updating you guys on this recent rejection of the upper portion of this daily range. And with that being said, let's continue. Now to start things off on the one hour market structure. Here we can see how the price action has basically been consolidating ever since we dropped below this low of August 14th. So this is where we had a break of structure and we rejected this price region that's at around 1870 or 1860. So if we look at this range that we've been fluctuating in, if we extend this all the way to the left, this is where we were previously consolidating just a couple of days ago. And so the bottom of this range, if we think about that, would simply represent a region of support. So until we get a solid break, close and a rejection below this region of support, the price action can continue fluctuating inside of this range. And not only could we continue consolidating inside of this range, but we also might break outside of this range temporarily in order to gather up more liquidity. So this is where immediately what I notice is that if we take a look at these short term highs, if I mark this out, let me actually angle it a bit downwards. These short term highs on the one hour right above them is where more liquidity would be residing of where a ton of traders that have recently jumped into cells. This is where they likely would have their stop losses set. So that's an area immediately where I'm looking towards, especially because if we take a look at these swing points yesterday, we had a short term bull trap where the price action initially dropped below this low here. But as we know with the market structure, you have to break, close and reject a region of support and resistance in order to continue pushing lower or higher. And so in this case, we initially spiked lower, but that was simply a short term liquidity ground before we pushed back up. We corrected earlier today and now we formed a higher low. So it's more likely to happen at this point is we're more likely to push up. So then these highs that I discussed would be the next ones that I would be targeting. If we break above the upper portion of this range, then what stands out to me is this price imbalance, where if I measure this last hourly bearish impulsive move, there we go right above 1940. So between 1940 all the way up to 1965 is where we have this major imbalance. So if I mark this out, this is pretty much what it would look like. Now, if we want to refine this, let's maybe go down to the 15 minute. And so if we'd like, we could narrow this down to where we have the most significant imbalance. So the most significant one is at around 1940. But right above that point, I'm also paying attention to this region around 1955. You can also combine this with the Fibonacci retracement tool to the same swing points. And here we go. We can see how the 61.8 basically lines up with the top of the upper imbalance. So I would be personally paying attention to the upper one just a little bit more because now if I go back, let's actually zoom out and look at the four hour. If we were to push up and spike above these highs and then break above the 50 level, then not only would we fill this entire imbalance if we push up into the 61.8, but that would also represent a deeper correction where we can gather up more liquidity. And then if we push back down into this range, let me extend this to the right. Then at that point, the momentum can continue and we can continue pushing lower. Let's recall that the upper portion of this daily range was where we had a supply zone. So we rejected that. And the overall momentum now taking a look at these last three daily candles is overall pretty bearish. You can also look for a break and retest setup if that's given to you. So if you're not looking to chase this type of market condition, then wait for a break and a rejection and then you can get in. Otherwise, wait for the pullback into this premium region that resides inside of this major imbalance. And then at that point, if we break out of this range, then you guys can see how the next level that you can focus on. Let's go on to the one hour is this next major imbalance. And this one is a lot bigger where now if we stretch out this entire daily impulsive move, this bullish impulsive move, then the biggest imbalance is between 1760 all the way down to 1720. So that would be your target as a seller. And that's about a hundred, a little over a hundred dollars away. And as a quick reminder, if you enjoy these updates and you'd like to see more in the future, drop like and subscribe. And then for those that are interested in joining my public trading community or for those that want to join my private elite group, which includes in-depth live streams and additional tutorial videos, then you can check that out in the description as well. But that's all for this update. I'll speak to you guys in the next one.