Technical Analysis Report: $ETH /USDT
Current Price: $2,435.59 USDT
Resistance: $2,650 USDT
Support: $2,400 USDT
Long Trade: Enter above $2,500 with targets at $2,650, $2,750, and $2,850, and stop loss at $2,400.
Short Trade: Enter below $2,400 with targets at $2,300, $2,211, and $2,100, and stop loss at $2,500.
Breakout Possibilities:
Upside Breakout: If ETH manages to regain strength and breaks above the $2,500 level, we could see it testing the resistance at $2,650. A successful break above this level may lead to further gains towards $2,750 and $2,850, signaling a potential bullish reversal.
Downside Breakout: The chart suggests that ETH is currently under pressure, and if it fails to hold the support at $2,400, a further decline is likely. A breakdown below this level could trigger a drop towards $2,300 and eventually to the key support level at $2,211. If the $2,211 support fails, the next target could be around $2,100.
The pattern shown in the chart indicates a potential continuation of the bearish trend, especially if the support at $2,400 is broken decisively. Traders should monitor these key levels closely and be prepared for significant volatility.
This analysis outlines the current technical situation for ETH/USDT, providing clear levels for potential trades and highlighting the importance of monitoring the key support and resistance zones.
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