ETH/USDT: Will It Break Out or Crash Hard?

Detailed Analysis

Current Price: 3,401.52, up 1.63% in the last 24 hours. The price is hovering near the upper Bollinger Band (20), indicating potential overbought conditions.

Recent Movements: ETH tested the 3,428 resistance level but failed to break through. 24-hour trading volume stands at 158,137 ETH, showing rising interest but insufficient buying pressure.

RSI: At 55.84 on the 1-hour timeframe, suggesting a neutral to slightly overbought trend.

MACD: Exhibits slight divergence, with the histogram almost flat, signaling weakening bullish momentum.

Key Levels

Resistance: 3,428 – A breakout above this could push ETH toward 3,500.

Support: 3,365 – A critical level to watch; breaking below this may lead ETH down to 3,300.

Trading Strategy

Entry Point: Consider buying in the 3,370–3,380 range if there are signs of recovery.

Take Profit: Target 3,445 or 3,500 if the price successfully breaks resistance.

Stop Loss: Place at 3,350 to mitigate risks if support is broken.

Overall Outlook: ETH is at a decisive phase. If it fails to hold the 3,365 support level, a significant correction could follow. However, the slight uptick in trading volume might indicate a potential "bull run" on the horizon.

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