$ETHFI Price Analysis: Descending Triangle Breakout Could Spark Bullish Rally!
#ETHFI is currently forming a descending triangle pattern on the daily chart, and it’s consolidating at the 50-day moving average (MA).
This is a key area for accumulation, and a breakout could lead to a strong bullish move.
Let’s break down the full plan!
Key Levels to Watch
Buy Zone: Between $2.60 and $2.80 – ideal entry near the MA 50 and support area.
Targets:
First Target (T1): $3.15
Second Target (T2): $4.20
Third Target (T3): $5.20
Stop Loss (SL): Set at $2.40 to manage risk.
Trading Strategy
1. Wait for Breakout Confirmation: Look for a daily candle closing above the resistance of the descending triangle (around $3.00).
2. Entry: Enter positions in the $2.60–$2.80 range if the price shows signs of bouncing.
3. Risk Management: Use a stop loss at $2.40 to limit potential losses.
4. Profit-Taking Strategy:
Take partial profits at $3.15.
Secure more gains at $4.20.
Let the rest run toward $5.20 for maximum upside.
Scenarios to Monitor
1. Bullish Breakout:
If ETHFI breaks above $3.00 with strong volume, expect a strong move towards the targets at $3.15, $4.20, and $5.20.
A retest of $2.80 as support would confirm the breakout.
2. Bearish Rejection:
If
$ETHFI fails to break out and falls below $2.40, it could indicate further downside potential.
Final Thoughts
$ETHFI is at a crucial point, and the descending triangle pattern suggests a potential breakout soon.
Watch for volume confirmation and be ready to act!
Stick to your plan, and manage your risk carefully.