$ETH /USDT Technical Analysis - Targets Update
Current Price: $3,380.35
Change: -2.44% (30m timeframe)
Ethereum ($ETH /USDT) is exhibiting recovery signals after testing key support levels. Here are the three targets to watch closely:
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First Target: $3,420 (Short-Term Resistance)
Analysis:
Positioned close to the current price, this level is the immediate resistance based on recent price action. A breakout here can indicate short-term bullish strength.
Action Plan:
Monitor for breakout confirmation with high volume. Partial profit-taking is advised.
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Second Target: $3,500 (Key Resistance Zone)
Analysis:
A significant resistance area aligned with a psychological level. Breaking this could attract strong buying interest and signify a continuation of the upward trend.
Action Plan:
Secure partial profits near $3,480 and set a trailing stop-loss above $3,420 to maximize gains.
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Third Target: $3,600 (Extended Target)
Analysis:
A potential mid-term target if bullish momentum continues. Achieving this level would require sustained demand and strong market conditions.
Action Plan:
Trail stop-loss higher to protect profits. Watch for overbought signals and confirm strength above $3,500 before targeting $3,600.
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Support Levels to Watch:
$3,360: Immediate support based on the latest consolidation.
$3,293: 24h low, serving as a strong safety net for potential pullbacks.
Trading Strategy:
Use a risk-reward ratio of at least 1:3.
Adjust positions dynamically based on market sentiment and volume patterns.