Yesterday, I set a stop-loss at 4200 for my newly entered low-priced long position in ETH, which was a narrow win. It was just two pips away from breaking below 4200. Now, a pullback above 4300 is a good opportunity to go long.
Although the 1- and 2-day moving averages are bearish, the 5-day, weekly, and monthly charts remain bullish. Support around the 4000 mark is strong, specifically the 1-day EMA (30:4016), the 3-day EMA (7:4180), and the 5-day EMA (7:4002). Unless these levels fall sharply below, shorting is not an option. Currently, shorting around 4300 is the most appropriate option, as a pullback to the 4,000 level could easily push it back above 4300.
For the short-term, the key point for ETH is to avoid shorting below 4300 and avoid buying above 4280. This will keep the market stable.