Ethereum Forms Weekly Higher Low Amidst Market Volatility

Ethereum is currently aiming to establish a weekly higher low as part of its ongoing weekly uptrend, a positive sign indicating the potential continuation of the trend. Although a previous attempt failed in the last week of March, the current situation presents a better likelihood of success. It's important to note the significant selling pressure that occurred in mid-March, suggesting that bears may be active at certain marked levels on the chart. Therefore, initiating a trade at this point may not offer a favorable risk/reward ratio. Waiting for a retest, such as a move towards a lower value area or close to the current week's low, before entering a trade could be a more prudent approach. Additionally, consider taking partial profits at resistance zones as a risk management strategy. The chart provides an example of a potential trade setup. Disclaimer: This is not financial advice, but rather a reflection of personal opinions and observations.

Price has successfully breached the initial resistance zone, signaling a positive momentum for the bulls. However, it may not be an ideal position for entering into a long trade.