ETHUSDT is testing the supply area.

The price retested the Fibonacci levels before the reversal, In this analysis I start from the monthly timeframe and draw the Fibonacci levels with the Fibonacci tool, and we can notice that the price tested the level 0.786 on the weekly timeframe with a double bottom on it.

On the 4h timeframe the price had a breakout from the first supply zone (check my previous analysis) and now the price is testing a new supply zone on the 3200$ where the market has the Fibonacci confluence.

How to approach?
The price needs to have a new breakout with volume from it, and flip the 3260$ from resistance to support, According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  

–––––
Follow the Shrimp 🦐

Komentarz:

The best scenario is the breakout above the 3260$ 🦐

Komentarz:

The price is testing the daily resistance at 3200$ after a first attempt.
We need to see a clear breakout from it with momentum and volume!

Let's see!

Komentarz:

The price needs to have another breakout from the resistance.