$ETH $ETH #Ethereum 🚨🚨 ETH 4-Hour ⏳ Timeframe Update 🚨🚨#etherreum ‼️‼️
Key Observations:
* Recent Downtrend: Ethereum is currently in a strong downtrend from $3,642.1, showing a decline of 3.18% at an angle of 33°. This significant downtrend is indicated by the TL strength of 3.03/Strong.
* Uptrend Support Levels:
* $3,421.05: Ethereum has a strong uptrend support here, with a TL strength of 4.45/Strong, an angle of 16°, and a distance of 3.09%.
* $2,878.02: Another key support level with a TL strength of 5.55/Strong, indicating a potential rebound if price action moves lower.
* Harmonic Patterns:
* Double Top and Black Swan Patterns: These patterns suggest caution as they can indicate bearish reversal signals.
* Anti-Butterfly and Anti-Shark Patterns: These patterns suggest potential reversal zones and bullish opportunities.
Trend Analysis:
* Short-Term Trends:
* 50 Bars: Downtrend at -32°
* 100 Bars: Downtrend at -13°
* Medium to Long-Term Trends:
* 150 Bars: Sideways at +7°
* 200 Bars: Uptrend at +24°
Potential Moves:
1. Bullish Scenario: If Ethereum holds above the $3,421.05 support level, we could see a rebound towards higher levels, supported by the strong uptrend indicators.
2. Bearish Scenario: If Ethereum fails to maintain the $3,421.05 support, it may test the lower support at $2,878.02. The strong downtrend signals highlight the importance of cautious trading.
Final Thoughts:
Ethereum's price action on the 4-hour timeframe shows critical levels and patterns to watch. The recent downtrend, coupled with harmonic patterns, suggests careful monitoring. However, the strong support levels provide hope for a bullish reversal.
Trade Responsibly! Utilize proper risk management and stay updated on market conditions. The volatility in the crypto market demands vigilance and informed decisions.#DailyTrade #TraderAlert $ETH
