$ETH struggles to make a convincing bullish candle pattern so far. Although it will go up automatically if $BTC and other crypto assets pump!
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The provided chart shows a weekly candlestick pattern for ETH/USDT
The current weekly candle is showing a recovery from a low of around $2,509.60, closing at $2,667.50, marking a 4.38% increase from the previous session.
The $2,500 level has acted as a significant support zone, as indicated by the lower wick touching this area before bouncing back upwards. This suggests strong buying interest at this level, preventing further decline.
The next major resistance is around the $3,850 mark, which has been tested several times in the past but remains unbroken.
This level will be crucial to watch as ETH/USDT approaches it again in the future.
In summary, ETH/USDT is currently showing signs of a bullish bounce from a strong support zone, but traders should keep an eye on the $3,850 resistance for a clearer indication of the next major move.
