$ETH on the Verge of a Major Move

$ETH 1 Day Analysis 📈

Current Price: 2,871.04 USDT

Key Levels:
* Resistance: 2,970 - 3,000 USDT
* Support: 2,660 USDT

Analysis:
Ethereum (ETH) is currently approaching a crucial resistance zone between 2,970 and 3,000 USDT. This level has historically acted as a major barrier, and we're closely monitoring for either a rejection or a breakout.

Scenario 1: Rejection at Resistance
* If ETH fails to break through the 2,970 - 3,000 USDT resistance, a pullback towards the support level at 2,660 USDT is likely.
* Strategy:
* Short Position: Consider a short position if the price shows signs of rejection at the resistance, targeting 2,660 USDT.
* Stop Loss: Place a stop loss above the resistance zone, around 3,010 USDT.

Scenario 2: Breakout Above Resistance
* If ETH successfully breaks out above 2,970 - 3,000 USDT with strong volume, the next target range is between 3,200 and 3,500 USDT.
* Strategy:
* Long Position: Enter a long position upon confirmation of a breakout, targeting 3,200 - 3,500 USDT.
* Stop Loss: Place a stop loss below the breakout level, around 2,950 USDT.

Conclusion:
* Rejection at 2,970 - 3,000 USDT: Expect a move towards 2,660 USDT.
* Breakout above 2,970 - 3,000 USDT: Aim for 3,200 - 3,500 USDT.

Risk Management:
* Always use stop-loss orders to manage risk.
* Adjust position sizes according to your risk tolerance.

Stay tuned for further updates and adjust your strategy based on market conditions. Happy trading! 📈