ETH Alert: Critical Analysis You Can't Afford to Miss🚨🚨⚠️⚠️⚠️
💥🔥Ethereum (ETH) has been a key player in the cryptocurrency market, and recent price action suggests that significant movements are on the horizon. Let's delve into the technical indicators and chart patterns to understand where ETH might be headed next.
It feels we may have higher grounds to cover. The stochastic is positive and so is AO.
There is room until $ 3,000 area I feel.
💥Strategy BUY @ $ 2,650-2,675 and take profit @ $ 2,950 for now. SL as per risk appetite.
⚠️The chart shows Keltner Channels, which are indicating that ETH is trading near the lower boundary of the channel. Typically, when price approaches the lower boundary, it suggests the possibility of a reversal or a period of consolidation before any further downward movement.
🚀🚀The upper boundary of the Keltner Channel, close to the $3,000 level, is a key resistance point that ETH must break to confirm a bullish reversal.
Descending Channel:👇
The chart illustrates a descending channel, highlighted by two parallel trendlines. The price has respected these trendlines, consistently bouncing between the upper and lower boundaries. ETH is currently testing the upper boundary of this channel.
A successful breakout above this descending channel could signal the end of the bearish trend and potentially lead to a significant upward movement.
Critical Levels to Watch:💥💥 👇
Support: The key support level is around $2,699, which aligns with the lower boundary of the descending channel. If ETH breaks below this level, it could lead to further downside, potentially testing the $2,400 area.
Resistance: On the upside, $2,776.6 and $3,001.3 are crucial resistance levels. A break above these could lead to a rally towards the $3,300 - $3,500 zone, where the next major resistance lies.
🔥🚨🚨🚨Traders should keep a close eye on the $2,776.6 and $3,001.3 levels, as a breakout above these could signify the beginning of a bullish reversal. Conversely, failure to break these levels may lead to further downside.
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