Blood in the streets coming? 🩸

What's up, traders!

In today's breakdown, we're taking a look at our favorite #2 crypto in Ethereum, along with some brief thoughts on the SP and Nasdaq futures.Let's dive right in...

Ticker: ETHUSDTimeframe: 1HSupply: 2044-2068 (1st red zone), 2116-2148 (2nd red zone)Demand: 1924-1946 (1st green zone), 1826-1860 (2nd green zone)Our Commentary:Ethereum has created a big gap between these demand and supply levels.

With Ethereum now pulled back down, this creates an opportunity for a healthier move upwards if we are to continue this rally.We have just held demand at ~1920 earlier this morning and are attempting to hold it again.

This level is a previous double top from a couple weeks and a week ago so it is an important level to look out for.

We should not be shorting Ethereum until this level is broken to the downside.With that being said, volume is currently accumulating on the downside so a break and retest of this level for further downside could well be a good play.✅ Bullish Scenario 1: you want to see price hold this ~1920 demand, find strength to move upwards and possibly give us a retest of this demand zone for a possible move back into supply around 2050. This will be the safer upside play.✅ Bullish Scenario 2: you want to see price hold this ~1920 demand, find strength, have volume build up to break the supply zone around ~2050, and then retest the ~2050 zone to possibly move into last week's high around ~2130.🟥 Bearish Scenario 1: you want to see price break this ~1920 demand, retest, find weakness again and possibly move into last week's lows around ~1860.🟥 Bearish Scenario 2: you want to see price find weakness again at ~2050 supply zone after holding this ~1920 demand for a move back into the ~1920 demand zone.

Switching gears to the equity markets…

Ticker: ES1!

Timeframe: 1H

ES is at hourly demand ~4140-4150 at the moment. We have a strong supply at ~4190 above and strong demand at ~4110-4100.

I expect us to trade within this range today. If ES picks back up long setups could work. For shorts to be convincing, ES needs to break past 4140.

Ticker: NQ1!

Timeframe: 30m

NQ has broken past demand at ~13050-13090. We need to beware of ~12930-12980 demand below - that is a very strong level.

On the upside, we have supply at ~13200-13230. Shorts in tech could work today if we continue trading below this ~13050 level.

For conviction in longs, you need to see price break past 13090 and hold.

That’s all we got for you this morning.

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We’ll see ya in the next one!

-The AlgoBuddy Team