Here's a brief technical analysis and trade signal for $ETH

/USDT based on the data provided:🔥💯

Technical Analysis

Current Price: $3,339.39

Support Level: The price is currently hovering near $3,328, a possible strong support level. If this breaks, further downside is possible.

Resistance Level: Recent high is around $3,514.94, indicating strong resistance near this price level.

Trend: ETH is experiencing a bearish trend in the short term, with a 4.29% decline in the last 24 hours.

Momentum: The price action shows weak bullish momentum, which is being capped by the resistance level.

Trade Signal

Long Position (Buy): Look for a rebound from near the support level of $3,328. If momentum shifts and the price stays above this support, consider buying. Stop-loss can be placed below $3,320.

Target Levels:

Target 1: $3,385 (near-term resistance)

Target 2: $3,440 (previous consolidation point)

Target 3: $3,515 (recent high resistance)

Short Position (Sell): If the price breaks below $3,328 and loses momentum, consider shorting ETH with a stop-loss above $3,355.

Target Levels for Shorting:

Target 1: $3,290 (next support zone)

Target 2: $3,245

Target 3: $3,190 (further downside if bearish momentum continues)

Trade Momentum

Watch for Volume: A spike in trading volume can help confirm breakouts or reversals. For a bullish scenario, a strong break above $3,385 with increased volume could signal a potential continuation of upward momentum. Similarly, in a bearish scenario, a break below $3,328 with high volume may indicate further downside.

Make sure to adjust these levels based on additional market indicators and trends as they evolve. Always consider a solid risk management strategy.

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