• Ethereum price follows classic smart money fakeout anticipated throughout the week.
  • Ethereum price shows divergence between two impulse waves deeming the ETH price problematic to hodl.
  • A second retracement into the $1,270 level remains on the cards. Invalidation of the impulsive rally is a breach of $1250.

Ethereum Weekly Recap

Ethereum price has finally validated the weekly forecast, endorsing a conservative 1.5-1 trade setup forecasted days in advance.

tm/eth/7/28/22 recap

Ethereum Price Bullrun Recap

Since July 22, several outlooks have been issued to our subscribers to keep eye on a possible liquidation and sharp v-shape retracement opportunity commonly referred to as a "knife catch". 

"Thus, placing an additional entry at the current time is unfavorable. A knife-catching opportunity could present itself within the $1,300-$1,350 zone in the coming days, with a bullish target in the $1,900 after the plunge. Invalidation of the uptrend scenario is now a breach below $1,270. "

tm/eth/7/28/22/ p2

ETH/USDT Knife Catch 101 Thesis 7/22

On July 26, the  "look for knife catch" reminder was placed near the $1,360 zone based on a combination of Elliot Wave, Auction Market Theory and RSI divergences on smaller time frames.

tm/eth/7/28/22

ETH/USDT 30-min chart Ethereum bullish unless thesis 7/25/22

On the same day, a now or never statement was issued. 

Invalidation of the uptrend scenario has been moved from $1,270 to $1,250 for wiggle room and accuracy. A more conservative approach would be to wait for a turn and breach above $1,460 before getting involved with the Ethereum price.

tm/eth/7/26/22 p3

Ethereum "Gepetto Thesis "7/26/22

The conservative approach set up a 1.35 to 1 reward-to-risk ratio, which has already landed in the first target zone on July 28. Riskier knife catchers are already in profit, 2x the risk and counting.

tm/eth/7/28/22

ETH USDT 12-Hour chart. Conservative Risk

A Trader's Recap

Being a trader is never an easy task. You will never win them all and the big moves you miss or get wrong will probably hurt. Still as a trader, when opportunities present themselves you have to be ready to strike while practicing healthy risk management. That's all you can control.

Ethereum price has validated the uptrend scenario and can rally towards $1,900 in the short term. Traders in profit from the bullish setups this week should be aware that the Ethereum price shows divergence between two impulse waves, which deems the ETH price a difficult coin to hodl. A second retracement into the $1,270 level remains on the cards. Invalidation of the impulsive rally is still a breach of $1,250.

A fractal wave of Ethereum's previous auction market behavior has been put in place to keep aware of possible smart money traps that remain possible in the future.

tm/eth/7/28/22

ETH/USDT 6-Hour Chart

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP