$ETH đšđšđš ETH 4-HOUR âł Timeframe đšđš
#etherreum Support and Resistance Levels:
âŒïžâŒïž Analyzing the Latest Patterns and Potential Moves âŒïžâŒïž
Current Analysis:
âą Resistance Levels:
⹠Primary Resistance: $3,693.34 - This level is acting as weak resistance with a trend strength of 2.85 and an angle of 11°, indicating a 6.14% distance.
âą Support Levels:
⹠Primary Support: $3,366.62 - This level is providing strong support with a trend strength of 4.45 and an angle of 12°, indicating a 3.25% distance.
âą Current Price Level: $3,479.04 - ETH is trading closer to the support level but is still under downward pressure.
Latest Patterns:
âą Trend Analysis:
⹠The trend indicators for 50 bars show a sideways movement with an angle of 2°.
⹠For 100, 150, and 200 bars, the trend is down with angles of -18°, -15°, and -5° respectively, indicating a consistent downtrend over these periods.
âą Identified Patterns:
âą Double Top: This bearish pattern suggests potential for further downward pressure.
âą Anti-Butterfly and Cypher: These patterns indicate potential reversal zones and support the overall bearish sentiment.
âą AB=CD: This pattern indicates potential reversal zones.
Potential Moves:
âą Elliott Wave Theory:
âą According to the Elliott wave theory, ETH might be in a corrective phase. We should monitor ETHâs movement towards the support and resistance zones.
âą Price Projection:
âą ETH may attempt to test the resistance level at $3,693.34 if it gains bullish momentum, but the overall downtrend indicates potential for further decline if it fails to break this resistance.
Important Note: Always remember the importance of capital management and avoiding greed.
ETH Analysis (ETHUSDT), 4-Hour Timeframe â°
Donât forget to set a stop loss for any positions you plan to open.#ETHETFsApproved #AlertđŽ #coinanalysis #ETHđ„đ„đ„đ„ $ETH