In this updated chart, The highlighted potential price zones and illustrated a projected path for $ETH /USDT. Here’s an analysis based on the new visual cues:
1. Resistance and Support Levels:
Resistance Zone (Red Box): Around $3,466, marking a key level where the price has faced selling pressure in the past.
Support Zone (Green Box): Around $2,111, which has previously acted as a strong support level where buying interest picked up.
2. Current Price and Momentum:
ETH has risen to $3,026.60, up by 4.17%, indicating a positive trend.
The price is now testing the $2,738.92 resistance level, which, if broken, may lead to further upside movement.
3. Moving Averages (MA):
MA(7) = $2,697.74 and MA(25) = $2,612.36 are both below the current price, indicating short- and medium-term bullish momentum.
MA(99) = $2,542.37 is also below, showing that ETH has reclaimed its longer-term trend, which may strengthen bullish sentiment.
4. Projected Path (Orange Line):
Your orange line suggests a potential pattern of consolidation or slight pullback before another breakout attempt toward the $3,466 level.
This projection aligns with ETH retesting lower resistance levels for support and then possibly breaking through to reach higher levels.
Future Analysis:
Bullish Scenario: If ETH can break above the $3,466 resistance zone, it could rally toward the previous highs near $4,093. Maintaining above the $2,738.92 support level will be crucial for this momentum.
Bearish Scenario: Failure to sustain above $2,738.92 could lead to a retest of the $2,111 support. A break below this level would likely signal further downside.
The current setup looks promising for a bullish continuation, especially if ETH maintains strength above the short-term moving averages and key support levels.
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