ETH TODAY UPDATE
Hey RkY Crypto Family! Today we will discuss about a detailed technical analysis of the ETH/USDT daily chart & my analysis to help you make informed trading decisions.
Before we start!! I'm spending some time to analysis and write this post for you so don't lazy / forget hit the FOLLW button it's complejtely 🆓 FREE.
1. Price Pattern and Key Levels
- Descending Triangle Breakout: ETH recently broke out from a descending triangle pattern, indicated by the sloping trendline resistance.
- Key Support (M): Around $2842.08 - This is a strong support level where ETH previously found buying interest.
- Resistance (D): Around $3689.65 - This is the level ETH needs to sustain above to confirm the breakout.
2. Stochastic RSI Indicator
- The Stochastic RSI is currently in the overbought zone. This suggests ETH might experience a short-term pullback or consolidation before resuming its upward movement.
3. Moving Averages
50-Day Moving Average (Red Line): Currently acting as a dynamic resistance. ETH needs to break and hold above this for continued bullish momentum.
- 100-Day Moving Average (Orange Line): Slightly below the current price, providing additional support.
- 200-Day Moving Average (Blue Line): Farther below, indicating long-term support and overall bullish trend.
4. Trading Positions:
Entry Points:
- On Pullback: If ETH pulls back to retest the breakout level around $3500 or the 50-day moving average, it could be a good buying opportunity.
Targets:
- Short-Term Target: $4000 - This is a psychological level and near-term resistance.
- Medium-Term Target: $4200 - This aligns with the projected movement in the distribution zone.
5. Risk Management:
- Position Sizing: Use appropriate position sizing to manage risk, considering the high volatility of ETH bcz of ETF.
So Guys finally what's the summarize of this analysis simply here 😉
ETH/USDT is showing promising signs of a bullish breakout from a descending triangle pattern. Key levels to watch are $3689.65 for confirming the breakout and $4000 Resistance
