![Untitled22.png](https://cdn.steemitimages.com/DQmbR2Q7h1s6ivjX3TQ5ycMicYehyetZXHB6t98K6w2mxGk/Untitled22.png) [picture source](https://tkcdn.tekedia.com/wp-content/uploads/2022/10/09212201/ethereum-7.jpg) # Ethereum Technical analysis ##### Hello Everyone Welcome back to another Ethereum update Welcome back to another Ethereum analysis I hope you had a wonderful weekend and seeing ETH right now you can see that we are testing a very key resistance to your ad 1657$ I mentioned to you to be very careful about these false breakdown formations that we have seen prior you can see we saw the same sort of formation now, I was expecting a move into the Asia hours hoping for the 1596 retest and the reason for that was because we had quite a bit Confluence within this range but you can see instead we did see a nice continuation to where it's the upside usually we see these pumps during Market open but of course, during Asia hours anything can happen ![Untitled22.png](https://cdn.steemitimages.com/DQmPVeeLuwXyDhdwZ1NjZZYwd4LVC8oAjZXdQSSaodCTtZr/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmWHj95ifJjXU3dD1f6Yy72jZqE1utp2EavagnpoJTJvdK/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmU1Vt4A7PCvTEEv7XZkDEwNu4xq6bV2AppFvnCsoaTSDU/Untitled22.png) I wasn't expecting too much on that position and right now you can see that Ethereum is trying to break above this key resistance at 1657$. a lot of you are probably eager to short but I do want to warn you a few things number one, of course, we do have a Fed meeting coming up this Wednesday for interest rates we want to be very very careful not to try to get caught into any positions because of how volatile the Market's going to become as well as the fact that you can see that if Ethereum does indeed, in fact, break above the 1657 level our take profit or rather our area of resistance would remain at 1715$. the reason for that I'm sure you are probably wondering is because this is pretty much where the move set started and that likely is where things are going to end up going now we didn't quite get that retest on 15 18 although we did manage to catch this whole move towards the down south so we did play quite a bit of profit in terms of this move and we saw that v-shape recovery but it was going to be very important for the Bears to try to reclaim these levels here at 1612$. we wanted to see that level of resistance being used for that confirmation ![Untitled22.png](https://cdn.steemitimages.com/DQmY7xCxjnoNsGQ5LTa2HdtL3y186QogBdE3kJe6AqKNnFf/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmNxNKTXqBc6HBrRk4mqPRmsfdn1cM1XfuLpSDVvR4iJFH/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmTTZwSM4nywNjr4zAKPtrFjDL6aiNzgyHXAZWFgomGuUz/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmTZAJwNT7mXRSkxU1xUTXkR3gTKzhMLxWzWT6C62T3gdh/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmVR34pMGiMQ7c7gKb16bbMdrupYmQBZ2WMhHiJHEmCtCo/Untitled22.png) The Daily you can see that we had the same sort of continuation right here a false breakout of the exponential moving average followed by a larger capitulation usually, I would wait for the daily candle to end up closing the second Candlestick usually ends up leading into a higher Wick and then the condition attenuation to the downside but right now the daily is looking to complete this larger v-shape that logic does not apply until we end up seeing that retest on 1715 which we most likely end up well seeing with the FED news and the volatility in the market if the daily somehow ends up closing below the 20 exponential moving average and that's going to be the continuation for us to be looking for those shorting opportunities ![image.png](https://cdn.steemitimages.com/DQmfQEtjA6Q71NhuTEuWRCbbRP5rg3xuuvnhthjox7xZi8Z/image.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmZAyE4KjCEGHZ7uGrLe8t9U7QD31iBnNmshaKVEZLsADm/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmeaFK81Wbea95CU9GCLLKh8wH3ay1yjC2QiscV73UhNah/Untitled22.png) Right now is just a time to be waiting and seeing how Wednesday plays out the reason for that Is you don't want to try to get caught out on the wrong move set mostly when it's news-related because trying to guess where exactly to start entering those scalping opportunities will always end up making you more emotional because even if it doesn't make sense it doesn't matter usually with news we tend to see a lot more volatile positions and this is exactly why I recommend to you guys to only be looking for scalps if you are trading you are only trying to be in the market for maybe an hour or two in and out of the market and waiting till Wednesday to see which direction of the trade you want to enter for the next few months but that's pretty much ![Untitled22.png](https://cdn.steemitimages.com/DQmcWzEHiQM37AjVVUUVCpunRBx2678AyfzQNrxjvCZz6dn/Untitled22.png) ![Untitled22.png](https://cdn.steemitimages.com/DQmRpNfp5Ly671GrdNkCYBr1WRLZiSTy3KC6xe8c8cdHQNN/Untitled22.png) https://en.bloggif.com/tmp/2cb5920be7c825ca1d9a35cc20440190/text.gif?1683281247 ![text.gif](https://cdn.steemitimages.com/DQmbZPLSghNJwN2v8TjcgmhjeKE78zuYyE8W3xm2W7sqW6F/text.gif)