📈📉 📊 Ethereum (ETH) Current Chart Analysis
👉 Key Support:
🔜 Level 1: $3,200 is identified as a crucial support level. It is a psychological threshold where the price has often bounced in the past.
🔜 Level 2: $3,000 is another important support, reinforced by areas of strong accumulation.
👉 Major Resistances:
🔜 Level 1: $3,400 corresponds to an immediate resistance where the price has recently been rejected.
🔜 Level 2: $3,500, a historical ceiling for recent bullish movements.
👉Overall Trend:
👉 The price is currently in a consolidation zone between $3,200 and $3,400, forming a potential symmetrical triangle, indicating an upcoming breakout (up or down).
👉 RSI (Relative Strength Index) Indicator:
🔜The RSI is at 63.86, which shows slight bullish pressure, but remains below the overbought zone (70).
A break of the descending trendline on the RSI could confirm bullish momentum.
👉 Moving Averages:
👉EMA 13 (Exponential Moving Average): The price is slightly below, suggesting temporary bearish pressure.
👉MA 30 (Moving Average): A bullish cross above this moving average would strengthen a buy signal.
👉 Bullish Breakout Targets:
👉Target 1: $3,500 (near the 1.618 Fibonacci extension).
👉Target 2: $3,700, based on the 2.0 Fibonacci extension.
👉 Buy Entry Point:
If the price bounces around $3,200 and closes a daily candle above $3,400.
👉 Confirmation by breaking the bearish trendline on the chart and by the RSI.
👉 Stop Loss:
Place a stop-loss below the $3,150 support level to limit risks.
👂👂 Recommended Strategy:
🔜 Entry: From $3,310 if the candles show a clear reversal.
👉 Targets: $3,500 and $3,700 in case of a confirmed uptrend.
👂👂 Risk Management: Use a risk/reward ratio of at least 1:2.
