$ETH /USDT Analysis: Bullish Engulfing Pattern

Current Situation:

ETH/USDT is trading at $3,700.39, showing a 2.81% increase in the last 24 hours. The 24-hour high was $3,726.71, and the 24-hour low was $3,568.40.

Market Structure:

The chart displays a bullish engulfing candle pattern, indicating a potential reversal of the recent downward trend. The price has broken above the key resistance level of $3,700, suggesting a potential bullish move in the near future.

Trading Recommendations:

Long Trade:

* Entry: $3,720

* Target: $3,800

* Stop Loss: $3,650

Short Trade:

* Entry: $3,750

* Target: $3,600

* Stop Loss: $3,800

Leverage:

* Use leverage cautiously, as it can amplify both profits and losses.

* Consider a leverage of 2x to 5x for experienced traders.

Market Outlook:

The bullish engulfing pattern and the break above the resistance level suggest a potential bullish move in the near future. However, it is important to monitor the market closely for any signs of reversal.

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