Chart Analysis and Strategy Recommendation:
1. Target and Prices:
The chart shows a large ascending triangle formation. This formation is generally a bullish trend indicator, and after the breakout, upward momentum is expected in prices.
• Target price: 10,000–15,000 USD range, an expected resistance zone in the medium term.
• Intermediate target: Testing the 6,500–7,500 USD resistance zone.
2. Support and Resistance Levels:
• Support Levels:
• 3,350 USD (short-term major support)
• 2,850 USD (major support and horizontal breakout zone)
• 2,500 USD (long-term strong support)
• Resistance Levels:
• 4,500–5,000 USD (first major resistance)
• 7,500 USD (important horizontal resistance)
• 10,000 USD (long-term target resistance)
3. Indicators:
• Volume: Increasing volume during uptrends is noticeable, which indicates that the breakout is supported.
• RSI: It may be approaching the overbought region, indicating a risk of a short-term correction in prices.
• EMA (50 and 200): The upward intersection of EMAs (Golden Cross) confirms the uptrend.
4. Formation and Formation Reversals:
• Ascending Triangle: After the breakout, the target is generally as high as the height of the triangle. This formation strengthens the possibility of prices moving upwards.
• Channel Breakout: The upward breakout of the long-standing falling trend line confirms the trend reversal.
5. Trend Direction:
• In the medium and long term: Upward (bull market trend)
• In the short term: Horizontal movements and possible corrections may be seen.
6. Strategy Proposal:
1. Positioning:
• It may be logical to buy at the 3,350 USD support level.
• If the price breaks the 4,500 USD resistance, purchases can be increased to continue the trend.
2. Stop-Loss:
• Stop-loss should be used for closing below 2,850 USD.
3. Profit Taking:
• The first profit taking can be done in the region of 5,000–5,500 USD.
• In the medium term, profits can be realized at levels of 7,500 USD.
4. Risk Management:
• Optimize position size based on support and resistance. Follow volume increases.
7. General Comment:
The Ethereum chart indicates strong upward momentum. It contains significant opportunities for investors in the long term. However, one should be prepared for short-term corrections and take safe positions at certain support levels. The technical outlook is strong, especially if volume supports it, the potential for the price to exceed $10,000 in the long term is high.
