$ETH /USDT - Technical Analysis Update
Current Price: $3,484.19 (+0.68%)
Price Action: Ethereum has rebounded strongly from the $3,101.90 support level and is now challenging key resistance levels. The trend suggests a bullish continuation if the price maintains above $3,480.
Targets and Strategy
1. Target 1: $3,540 – Immediate resistance is at this level. A breakout above this zone could validate the bullish sentiment and open up more upside potential.
2. Target 2: $3,600 – This is the next critical resistance level. A successful breach here could lead to increased buying pressure, pushing the price higher.
3. Target 3: $3,720 – The previous high at $3,720 is a significant resistance. If reached, it’s advisable to secure profits or tighten stop losses as this level may prompt selling activity.
Advice
Short-Term Traders: Watch for a breakout above $3,540 with increased volume before entering long positions. Set stop losses below $3,350 to manage downside risk.
Long-Term Holders: Hold positions as long as the price maintains higher lows. If $3,600 is breached, consider it a confirmation of a continued bullish trend.