My analysis and opinions on ETH/USDT:
Current market conditions:
• Current Price: $3,450.58 (up ~2.47% today).
• 24-hour high: $3,497.84
• 24-hour low: $3,101.90
• Volume: Trading activity is strong, with significant volatility over the past 24 hours.
Technical analysis observations:
1. Support and resistance areas:
• Immediate support: $3,400-$3,300
• ETH is trading well above $3,300 levels, indicating strong buyer interest in the area.
• Immediate Resistance: $3,500-3,600
• An apparent rejection here could signal a short-term pullback.
2. Moving Average (MA):
• MA(7): $3,534.55 – ETH is trading below this level, indicating short-term weakness.
• MA(25): $2,929.03 – Indicates solid medium-term support, indicating that ETH remains in a bullish phase.
• Overall, the trend remains bullish, with ETH consolidating after a sharp rally.
3. MACD (Momentum):
• MACD Positive (135.01): Momentum is strong, but the histogram shows a slight decline, suggesting a possible consolidation.
4. Order book analysis:
• Buyer strength: Strong demand between $3,300-$3,400.
• Seller resistance: There are more sell orders near $3,500-$3,600.
My entry price suggestion:
• Primary buying area: $3,400-$3,420
• This range is consistent with immediate support, providing a favorable entry point for a potential upward move.
• Secondary buying area (lower risk): $3,300-3,350
• If ETH falls further, this area offers strong accumulation opportunities.
My expectations and goals:
• Short-term target (sell): $3,600-3,700
• Given the current bullish momentum, ETH may test this resistance level in the coming sessions.
• Mid-term target: $3,800-$3,900
• If ETH breaks above $3,600 and trading volume is strong, we could see it climb towards $3,800.
Risk management:
• Stop Loss: Set stop loss at $3,200 to minimize downside risk.
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