There is a clear weekly downtrend in Ethereum cryptocurrency. We’ve been talking about the dump on Ethereum for quite a few months on Set and Forget online trading academy. There is a strong weekly supply imbalance sitting around $1,703. Let’s see if the Ethereum cryptocurrency reaches that imbalance.
Watch the Ethereum video analysis below. Ethereum’s price today is bearish.
As supply and demand traders, we do not need to pay attention to the DeFi news or fundamental analysis. Unless you are doing very short-term trading and scalping, you should not worry about fundamentals for cryptocurrencies.
Trading is just waiting for the right trigger points and scenarios to present themselves, this game has a name, and it’s called the waiting game. We must patiently wait for the correct scenarios and setups to happen and for the price to pull back or dip into the price levels we want to trade. These price levels are made of supply and demand imbalances in our case. You can use these imbalances to plan your trades in lower timeframes.
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