Technical Analysis for $ETH
/USDT:
Current Price: $3,672.01 (at 24h high)
24h Low: $3,559.24
24h High: $3,672.01
Trend Analysis:
ETH has shown positive price movement (+2.40%) in the past 24 hours, which suggests bullish momentum in the short-term. The price is currently near the upper range of the daily channel, indicating potential for further upward movement.
1. Support Level: $3,559.24 (24h Low)
This level has acted as a strong support, and the price has been bouncing off this level.
2. Resistance Level: $3,672.01 (24h High)
The price is near its 24h high, which could face some resistance. Breaking above this level would indicate a strong bullish trend continuation.
Trade Signal & Momentum:
Buy Signal: If the price consolidates above the $3,672 level, you can enter a long position, with momentum showing strength in higher timeframes (e.g., 1h, 4h).
Sell Signal: If ETH starts to drop below $3,559.24 and fails to hold support, it could indicate bearish momentum and an opportunity to exit or enter short positions.
Target Levels:
1. Target 1: $3,750 (near previous resistance levels)
A breakout above the 24h high can push ETH toward this level.
2. Target 2: $3,800
This is a psychological resistance level and can act as a target if bullish momentum persists.
3. Target 3: $3,900
If ETH maintains strong upward momentum, this is the next level to look for as a longer-term target.
Trade Momentum:
Bullish Momentum: If ETH closes above $3,672, and the RSI (Relative Strength Index) remains above 50, expect continuation towards $3,750 and $3,800.
Bearish Momentum: If ETH drops below $3,559, watch for further weakness with the possibility of retesting $3,500 or lower.
Risk Management:
Stop Loss: Place a stop loss at $3,550 (below the 24h low) to manage potential downside risks.
Take Profit: Target profits as mentioned above at $3,750, $3,800, and $3,900.