Technical Analysis for $ETH /USDT
Current Price: $3,375.61 (-3.34%)
24h High: $3,547.95
24h Low: $3,346.87
Key Levels:
1. Target 1: $3,400
Immediate resistance. Recovery above this level could stabilize short-term sentiment.
2. Target 2: $3,500
Key psychological resistance. Breaching this level would indicate renewed bullish momentum.
3. Target 3: $3,580
Long-term target, achievable with strong volume and breakout confirmation.
Action Plan:
Short-Term Traders:
Monitor price movement near $3,400. Secure partial gains if a bounce occurs.
Set a stop-loss below $3,340 to minimize downside risk.
Swing Traders:
Look for confirmation above $3,500 to target $3,580.
Use a trailing stop-loss near $3,320 to protect gains.
Indicators to Watch:
Volume: A surge in buying pressure could signal a potential reversal.
RSI: Monitor for oversold conditions, which could indicate a short-term recovery.
Moving Averages: Look for a crossover to validate the trend reversal.
Summary:
ETH/USDT is experiencing a pullback from recent highs, testing support near $3,346.87. A recovery above $3,400 is crucial for a potential move towards $3,500 and higher targets. Traders should remain cautious and manage risk appropriately.