$ETH

The analysis focuses on Ethereum's performance against the US dollar (USDT) as traded on the Binance platform. The data is pulled from daily charts, offering insights into ETH's price movement trends and potential future directions.

Price Action and Trend:
Ethereum has been demonstrating a bullish momentum in recent weeks, evidenced by its upward movement and recovery from previous lows. The price recently broke through a descending trend line, indicating a potential reversal of the preceding downtrend.

Key Technical Levels:
Resistance Levels (R1 and R2):
R1: $4,125.64 - This level is crucial as it previously acted as a strong resistance. A decisive close above this could signal continued bullish momentum.
R2: $5,528.52 - This represents a significant historical resistance level and a potential target should the upward trend continue past R1.
Support Levels (S1 and S2):
S1: $2,713.70 - Currently serves as the primary support post-breakout, crucial for maintaining the bullish trend.
S2: $2,101.09 - A further fallback below S1 would find cushioning here, a level where buyers previously stepped in.
Technical Indicators:
MACD: The Moving Average Convergence Divergence is nearing a bullish crossover above the signal line, indicating strengthening momentum.
RSI: The Relative Strength Index hovers around 54, suggesting a balanced scenario between overbought and oversold conditions, which provides room for upward or downward movement without extreme pressure.
Volume and Market Sentiment:
Volume shows consistency, with increased activity during price hikes, suggesting a strong buyer presence at key levels.

Conclusion and Forecast:
The recent breakout above the descending trend line and the maintenance above $2,713.70 (S1) suggest a bullish outlook in the short to medium term. The next key challenge for Ethereum is surpassing the $4,125.64 resistance, which could pave the way for a move towards $5,528.52.

Trading Strategy:
Bullish Scenario: Consider buying on retracements towards S1 with stops below this level. Target profits at R1 and potentially R2 if the momentum continues.
Bearish Reversal: Should Ethereum break below S1, this could indicate a potential reversal or deeper correction. Short positions could be considered with targets around S2, placing stops above S1 to limit risks.
Summary:
Ethereum shows promising signs of continuation in its bullish phase, provided it can maintain above key support levels. The approach should be one of cautious optimism, monitoring for sustenance above S1 and reaction at R1 to adjust trading strategies accordingly.
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Consolidation Before a Potential Bullish Break
By MARKET TIPS
$ETH

📊 Ethereum has formed a bullish pin bar on a significant support level, signaling the possibility of a trend reversal.
🟢 Confirmation requires the next daily candle to close positively.
👉🏼 While short-term consolidation or minor dips may occur, the price is expected to rebound from this support zone and resume its upward momentum.
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$ETH

ETHUSDT
SHORT
💎Please don't be greedy
ENTRY : yellow point
TP : blue lines
SL :
below red line for LONG position
above red line for SHORT position

⛔️INSTRUCTIONS 1:
Please respect the yellow entry point, otherwise you risk entering too early before my strategy or too far, thus reducing gains and aggravating losses in the event of a stop loss

⛔️INSTRUCTIONS 2:
For risk and money management:
5% of your wallet for LEV X ≤20
And
3% of your wallet for LEV X ≥ 20
#ethapproved #eth🔥🔥 #write2earn #ElSalvadorBTCReserve