Namaskar LuckySevenTrader Community:
Here's an analysis on #ETH🔥🔥🔥🔥 in the daily timeframe. Since its drop from the $3,550 level, Ethereum found strong support around $2,110 on August 5, 2024. Since then, the price has been consolidating within a range, forming a triangle pattern. Observing this formation, we can see that Ethereum has respected the triangle's lower boundary multiple times, with the latest test around $2,390 last Friday.
Now, with Ethereum bouncing up from this lower boundary over the past three days, there’s potential for a bullish move. If the market trend remains positive, the price could rally to test and potentially break through the upper boundary of the triangle, currently around $2,770. Should Ethereum close above $2,820 with strong volume, it increases the likelihood of a run-up towards the $3,700 range.
However, markets can be unpredictable, and it’s essential to consider both possibilities. A breakdown below the lower boundary of the triangle would invalidate this bullish setup, making risk management crucial. Given the current pattern, I plan to enter a long position on Ethereum as it’s showing promising probability.
Trade Setup: Sopot Trade And Future Trade
Entry Zone: $2,450 to $2,550
Stop Loss: $2,350 (just below the triangle's lower boundary)
Take Profit Targets:
Target 1: $2,750
Target 2: $3,000
Target 3: $3,500
Final Target: Use a trailing stop to capture higher gains if the price moves upward.
This analysis is based purely on technical trends. Remember, market movements are driven by multiple factors, so it’s wise to combine this with your own research and risk management practices.
#LuckySevenTrader #EthereumETFApprovalExpectations #ETH🔥🔥🔥🔥
