Ethereum is correcting upwards, following the strong collapse last week. Consequently, sellers are now trapped around $ 3,000, as all stop orders are below this level.
Meanwhile, buyers have all the opportunity to open long positions from $ 2,500 or $ 2,600. Considering this, stop loss should be placed at the monthly low, while the target will be the breakout of $ 3000. Such a plan heeds to the Price Action and Stop Hunting strategies.
Good luck and have a nice trading day!