$eth short 
2024-10-15

i see a lot of euphoria on twitter so i a have locked into a bearish bias 

Trade Idea:
I'm seeing a potential short opportunity on ETH/USDT, backed by the following factors:

Market Structure Shift (MSS): 
Observed on the 30-minute chart, indicating a bearish shift after the recent bullish momentum.
Breakdown of Support: Key support level at $2,580 (Fair Value Gap) is critical. A confirmed breakdown below this level could trigger further downside.

Order Blocks and Liquidity Zones: 
There is a bullish OB around $2,550 and a deeper liquidity zone between $2,500 - $2,480, which will act as potential take-profit areas.

Fair Value Gap (FVG): 
ETH is consolidating near a key resistance zone, with an FVG below current price, providing a short-term retracement target.

Trade Setup:
Short Entry: Enter short after price breaks below $2,580 with confirmation (preferably around $2,575).

Stop Loss: Set at $2,620, just above the recent consolidation high.

Take-Profit 1 (TP1): $2,550 — targeting the OB support zone.

Take-Profit 2 (TP2): $2,500 - $2,480 — aiming for the deeper liquidity and imbalance zone.
Risk-Reward:

TP1 offers a risk-reward ratio of approximately 1:0.55.
TP2 gives a stronger risk-reward at 1:1.7, making this a more attractive target for a larger move down.

With the MSS on the 30-minute chart, and consolidation on the 1-hour and 2-hour timeframes, this short setup is primed for a potential pullback. Watch for confirmation before entering!

Key Levels:
Resistance: $2,620
Support: $2,580, $2,550, $2,500
