Hello Traders! Let's dive into the latest analysis for Ethereum (ETH/USD) on the H4 timeframe, where weโre seeing a bullish setup forming within an ascending channel. Hereโs everything you need to know to potentially capitalize on this opportunity!
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Current Price:
ETH/USDT: $3,232.81 (down 3.95%)
ETH/USD: $3,232 (down 3.66%)
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๐ Market Structure:
Ethereum is currently trending within a clear ascending channel, showing bullish momentum. After a recent pullback, ETH has moved near the lower boundary of this channel, which presents a buying opportunity at favorable prices.
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๐ฏ Trade Plan โ Long Setup:
Entry Level: Around $3,293.52 (current price level)
First Take Profit (TP1): $3,500 (Key resistance area within the channel)
Final Target (TP2): $3,792.51 (near the upper boundary of the ascending channel)
Stop Loss (SL): Below the support zone at $3,051.10, minimizing risk if the market moves against us.
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๐ Indicators Supporting the Setup:
SuperTrend Indicator: This is signaling a potential bullish reversal, supporting our buy outlook.
Momentum Oscillator: Currently showing oversold conditions, adding confidence to the bullish bias.
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๐ง Conclusion:
The ascending channel structure is showing clear bullish signs, and with the recent pullback, this could be a great opportunity to enter a long position. The risk-reward ratio is favorable, making this setup appealing for those looking to ride the uptrend with manageable risk.
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๐จ Disclaimer:
This analysis is for educational purposes only and should not be construed as trading advice.
Always perform your own research (DYOR) before making trading decisions.
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Action Steps:
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Happy Trading, and Stay Safe!
Remember to manage your risk and trade responsibly.
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