Based on the ETH/USDT chart, here is the analysis:
1. General Trend
The price is in an ascending channel, indicating a bullish trend on the 4-hour (4H) timeframe.
The price position is approaching the resistance at the top of the channel, which may be a short-term correction area if it fails to break out.
2. Fibonacci Level
Support Level:
The first support is at the 0.618 Fibonacci retracement (3,734.22), which is a key level to maintain the bullish trend.
The second support is at the 0.786 Fibonacci (3,634.58), which is also close to the lower line of the ascending channel.
Resistance Level:
The closest resistance is around 4,101.10, which is the 0 Fibonacci level.
The next resistance is at the -0.27 level (4,261.35), if the price manages to break out.
3. RSI Indicator
RSI is at 63.44, approaching the overbought zone (70+), indicating that bullish momentum is still dominant but the potential for a correction is also starting to increase.
4. Moving Average Indicator
The Yellow MA line (possible short-term MA) is below the price, providing dynamic support at around 3,625.
The White MA line (possible long-term MA) is further below the price, indicating that the larger bullish trend is still intact.
Conclusion
1. Uptrend Potential:
If price manages to break through resistance at 4,101.10, the next target is 4,261.35 or higher.
The uptrend remains valid as long as price does not fall below support at 3,734.22.
2. Downtrend Potential:
If price is unable to break out and a correction occurs, it will most likely test support at 3,734.22 or the lower line of the channel (around 3,634.58).
Recommendation
Buy Entry: In the support area of 3,734 or 3,634 if there is a sign of a bounce (rejection).
Breakout Confirmation: Wait for the price to breakout above 4,101 to continue the buy position with a target of 4,261.
Also pay attention to volume to support price movements.
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