Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per our last ETH analysis, we have mentioned that potential Bullish Megaphone pattern forming.
According to the pattern, we are currently on leg
For the pattern to get activated, hence the bulls to remain in control, we need a daily candle close above 1720
In this case, further bullish movement would be expected.
In parallel, we are still bearish from a medium-term perspective since we broke below the last major low in gray from H4.
ETH approaches the blue support starting from 1550, we will be looking for new short-term buy setups.