#RLUSDApprovalBoostXRP $ETH Weekly

I decided to randomly enter a chart into ChatGPT and see if it could do technical analysis. Pretty sure we won't really need chartists on X soon... I gave it zero information. Just the chart.

From ChatGPT

Key Observations:

Uptrend Resumption: Ethereum is showing signs of a strong recovery, trading well above its 50-week Simple Moving Average (SMA) and approaching key resistance zones.

The price is currently supported by the 200-week SMA (red), which has historically acted as a significant long-term support during market corrections.

Golden Cross: A Golden Cross is visible, with the 50-week SMA (blue) crossing above the 200-week SMA (red). This is typically a long-term bullish signal, indicating potential for further upside momentum.

Key Resistance Levels: The price is approaching the $4,000-$4,200 zone, a psychological and technical resistance level. This area needs to be decisively broken for Ethereum to test its all-time highs near $4,800.

Support Levels: Strong support lies at the 50-week SMA and the 200-week SMA. These levels are critical for maintaining the bullish structure.

Higher Lows Formation: The chart shows a consistent pattern of higher lows, signaling accumulation and buyer strength. This structure reinforces the bullish trend.

Strategy Recommendations:

For Bullish Traders: Wait for a weekly close above $4,200 to confirm a breakout. If this level is breached, the next target could be the all-time high near $4,800 and potentially $5,000.

Use $3,500 as a trailing stop-loss level to manage downside risk.

For Bearish Traders: Consider shorting if the price rejects strongly from $4,000-$4,200 or if it closes below the 50-week SMA (~$3,040). Targets could be $2,800 and $2,427 (200-week SMA).

Neutral Strategy: Monitor the chart for consolidation or rejection patterns at the $4,000-$4,200 resistance zone. A failure to break higher may signal an extended range-bound market.

Risk Management: Volatility increases near critical resistance levels; ensure proper position sizing and stop-loss placement.