$ETH /USDT Technical Analysis
Current Price: $3,471.70 (+1.26%)
Price Action: $ETH /USDT has demonstrated a solid recovery from the 24-hour low of $3,101.90, reaching a high of $3,497.84. The price is consolidating above $3,450, signaling potential for a breakout if bullish momentum continues.
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Targets:
1. First Target: $3,500
Immediate resistance level, aligning with the recent 24-hour high. A breakout above this level could confirm continued bullish momentum.
2. Second Target: $3,650
Key resistance zone based on historical price action and Fibonacci retracement levels.
3. Third Target: $3,800
Strong bullish target derived from extended Fibonacci levels and prior upward channel projections.
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Trade Management:
Secure Profits: Take partial profits at $3,500 and $3,650 to reduce risk exposure.
Stop Loss: Suggested stop loss at $3,400 to protect gains in case of a sudden reversal.
Market Outlook:
The bullish trend remains robust as long as ETH/USDT holds above $3,450. Breaking $3,500 will open the doors for $3,650 and beyond. Watch for strong resistance near $3,800, which may trigger short-term profit-taking.