$ETH
/USDT Technical Analysis and Trade Strategy๐๐ฏ
Technical Analysis
1. Bollinger Bands (20, 2):
Current price is near the Lower Band ($3,563.24), signaling potential oversold conditions.
The Middle Band ($3,599.11) acts as the first resistance.
2. Parabolic SAR (0.02, 0.2):
SAR value is $3,607.90. Since the price is below this, the trend is bearish.
A close above SAR would indicate a potential reversal.
3. Support and Resistance Levels:
Support: $3,538.00 (24h Low), $3,500.00 (psychological level).
Resistance: $3,599.11 (MB), $3,607.90 (SAR), $3,634.99 (Upper Band).
Trade Strategy
Scenario 1: Long Position (Reversal Trade)
Entry: Wait for price to reclaim $3,607.90 (SAR level) and confirm a bullish crossover on shorter timeframes (e.g., 15m or 1h).
Targets ๐ฏ:
Target 1: $3,634.99 (Upper Bollinger Band).
Target 2: $3,670.00 (recent high).
Target 3: $3,700.00 (psychological level).
Stop Loss: $3,538.00 (below recent low).
Scenario 2: Short Position (Trend Continuation)
Entry: If the price breaks below $3,538.00 (24h Low), enter on confirmation of continued bearish momentum.
Targets ๐ฏ:
Target 1: $3,500.00 (psychological level).
Target 2: $3,470.00 (previous demand zone).
Target 3: $3,430.00 (extended support).
Stop Loss: $3,570.00 (above Lower Bollinger Band).
Scenario 3: Range-Bound Trade
If the price consolidates between $3,538.00 and $3,607.90, consider scalping within the range using smaller positions and tighter stops.
Target levels can be adjusted based on Bollinger Band boundaries or volume patterns.
Key Notes:
Monitor trading volume and momentum indicators for confirmation before executing trades.
Stick to your predefined risk/reward ratio to minimize losses.