Ethereum (ETHUSD) is showcasing a compelling bullish setup. On the 1-hour chart, price action forms a clear ascending triangle pattern, indicating potential upward momentum. The strong support around $3,350 has held firm multiple times, leading to increased buying interest. We see significant resistance at $3,470; however, a breakout above this level could propel prices towards our target around $3,600.
From a fundamental perspective, recent developments in the ecosystem and positive investor sentiment contribute to this bullish outlook. Watch for a confirmed breakout with increased volume to validate this setup.
Trade Ideas:
Buy on breakout above $3,470.
Stop Loss: Below the strong support at $3,350.
Target: First target at $3,575 and target at $3,600.
Stay for any news or changes that might impact Ethereum's market dynamics. Happy trading
Note: This analysis is for educational purposes and not trading advice. Consider market conditions and strategies.
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