The ETHFI/USDT pair is currently trading at $1.501, with a 0.54% increase in the last session. The price is approaching a significant resistance level near the 200-period moving average (MA) at $1.741. The Relative Strength Index (RSI) is at 63.93, indicating that the market is slightly on the bullish side but not yet overbought. The Moving Average Convergence Divergence (MACD) shows a positive histogram, which points to a potential continuation of the current upward momentum.
Bullish Scenario:
If ETHFI/USDT can break and sustain above the $1.741 level (200-period MA), it could confirm a bullish breakout. Traders might then target higher resistance levels at $1.800 and $2.000 as potential upside targets.
Bearish Scenario:
If the price fails to break above the 200-period MA and retraces, a decline below the support level at $1.400 could signal a continuation of the bearish trend. The next significant support level is around $1.200, where buyers might consider re-entering the market.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research before making any investment decisions.
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