Ethereum's Diagonal Setup : Reversal on the Horizon? ๐
#ETH๐ฅ๐ฅ๐ฅ๐ฅ #ETHUSDT. #ETHUSDT #Write2Earn! #BinanceSquareFamily
๐น Overview :
Ethereum (ETH) is at a critical juncture, showing signs of reversal despite lingering market fear. With key support and resistance levels in focus, ETH is poised for a potential bounce or deeper correction based on volume trends and technical indicators.
๐ Key Levels to Watch:
1๏ธโฃ Support Zones :
First Major Support : $3,570
Deeper Pullback Zones : $3,200 - $3,050
2๏ธโฃ Resistance Zones:
Initial Target Resistance: $4,070
Liquidity Cluster Resistance: $4,200
๐ Technical Indicators:
RSI (Relative Strength Index):
Hourly : Oversold, signaling a potential upward bounce.
Daily : Neutral, offering room for price action in either direction.
200 MA (Moving Average) :
ETH is confidently holding above the 200-day MA, indicating a cooling-off phase and underlying bullish strength.
๐ Scenarios to Consider:
โ
Bullish Scenario :
Trigger : ETH holds support at $3,570 and sees an increase in buying volume.
Target 1 : Move toward $4,070 as the first resistance.
Target 2 : Breakout to $4,200, where liquidity is concentrated.
โ ๏ธ Bearish Scenario:
Trigger : Break below $3,570.
Target 1 : Deeper pullback to $3,200.
Target 2 : Extension to $3,050 if bearish momentum persists.
๐ก Entry & Stop-Loss Strategy :
Long Entry: Near $3,570 with a stop-loss below $3,500.
Short Entry : On a breakdown below $3,570, target $3,200-$3,050.
๐ Pro Tip for Investors:
Market fear often creates the best opportunities for accumulation. Use staggered entry points to build positions near major support levels and wait for confirmation of volume trends before committing heavily.
๐ Conclusion:
Ethereum is nearing a pivotal reversal zone, with $3,570 as the key level to defend for bullish momentum. Resistance at $4,070 and $4,200 remains the next logical targets in case of a breakout. A break below $3,570, however, could lead to a deeper correction toward $3,200 or lower.
