Ethereum ($ETH /USDT) Analysis

Current Price: $2,520.00

Resistance Levels:

Immediate Resistance: $2,530 - $2,542This zone has been tested multiple times, indicating strong selling pressure. The price is currently struggling to break above this level.

Support Levels:

Support 1: $2,500This is a crucial support level, as it aligns with a previous consolidation zone. A break below this could trigger a move towards the next support level.Support 2: $2,470 - $2,480This area has shown strong buying interest in the past. It is likely to act as a significant support if the price falls.

Trade Ideas:

Breakout Strategy:

Bullish Scenario: If the price breaks above the $2,542 resistance level with strong volume, it could indicate a continuation of the upward trend. A potential target could be around $2,580 or higher, depending on momentum.Bearish Scenario: If the price breaks below $2,500, this would confirm a short-term bearish trend. The first target (TP1) would be $2,490, followed by $2,470 (TP2) if the selling pressure continues.

Retest and Continuation:

Bullish Retest: If the price pulls back to the $2,500 support level and holds, this could be an opportunity to enter long positions, targeting the $2,530 - $2,542 resistance zone again.Bearish Continuation: If the price breaks below $2,500 and retests it as resistance, it would confirm the bearish breakout. In this case, short positions could be considered, aiming for TP1 and TP2 as potential profit targets.

Conclusion

Watch the $2,500 support level closely—a break below could trigger a deeper correction.Monitor the $2,542 resistance level—a break above could signal a bullish breakout.

#TON #DOGSONBINANCE #BNBChainMemecoins #TelegramCEO #LowestCPI2021