By looking at the Ethereum (ETH/USDT) chart on the 1-hour time frame, the following can be observed:
1. General trend:
The current trend is generally bullish, with prices remaining above the major moving averages (EMA 20/50/100/200).
The uptrendline supports the current movement.
2. Important levels:
Resistors:
3765.92 is a major resistance area according to the chart.
Support:
First support at 3660.80.
The second support is at 3613.54.
Strong support at 3513.01.
3. Moving Averages (EMA):
The price is moving above the short and long moving averages, indicating positive momentum.
The averages (EMA 20 and EMA 50) are supporting the price well currently.
4. RSI indicator:
The RSI is at 51.15, which means it is in a neutral zone (neither overbought nor oversold), and therefore there may be room for the upside movement to continue.
5. Trading volumes:
Trading volumes at recent levels are not high, which may indicate a slight weakening of momentum at current levels.
Expected scenarios:
In case of break higher: If the resistance level at 3765.92 is broken firmly, we may see higher levels like 3800 or more targeted.
In case of downtrend: If the price fails to hold the uptrend line or support 3660.80, the price may head towards the support levels at 3613.54 or 3513.01.
Recommendations:
Monitor the movement at the trend line and the mentioned levels.
Use stop loss below support 3613.54 if you are considering entering a buy trade.
Entry upon breaking the resistance 3765.92 steadily while targeting higher levels.
Good luck
