ETH has been trading within a clear consolidation range following a sharp downward move in early April. This sideways structure suggests the market is gathering momentum for its next big move. Let's break down the key elements on this chart:
Current Structure:
ETH has been consolidating between ~0.01836 support and ~0.01989 resistance.
Price has shown strong reaction near 0.01794, forming a potential bottom.
This range could act as an accumulation zone before a breakout.
Scenarios Ahead:
1. Bullish Breakout:
A clean breakout above the 0.01989 resistance (Zone 1) could trigger a rally toward the next resistance zone at 0.02082 (Zone 2), and potentially higher toward 0.02166 (Zone 3).
2. Retest Before Rally:
Alternatively, a quick dip back toward support followed by a strong bounce could confirm accumulation and set up for a breakout.
Support Zones:
Key support lies between 0.01794 – 0.01869. This area must hold to maintain the bullish setup.
Conclusion:
The chart signals that BTC might be preparing for a bullish breakout after prolonged consolidation. Watch for volume confirmation and breakout above the yellow consolidation box to validate the move.
Let’s see if BTC can break free soon — trade safe and stay alert!
Current Structure:
ETH has been consolidating between ~0.01836 support and ~0.01989 resistance.
Price has shown strong reaction near 0.01794, forming a potential bottom.
This range could act as an accumulation zone before a breakout.
Scenarios Ahead:
1. Bullish Breakout:
A clean breakout above the 0.01989 resistance (Zone 1) could trigger a rally toward the next resistance zone at 0.02082 (Zone 2), and potentially higher toward 0.02166 (Zone 3).
2. Retest Before Rally:
Alternatively, a quick dip back toward support followed by a strong bounce could confirm accumulation and set up for a breakout.
Support Zones:
Key support lies between 0.01794 – 0.01869. This area must hold to maintain the bullish setup.
Conclusion:
The chart signals that BTC might be preparing for a bullish breakout after prolonged consolidation. Watch for volume confirmation and breakout above the yellow consolidation box to validate the move.
Let’s see if BTC can break free soon — trade safe and stay alert!
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🔥 Join Now for Free
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🔥 Join Now for Free: t.me/JackMastermindGT
t.me/JackMastermindGT
📢 Join My Telegram channel Daily Free Signals Vip Group available Daily Signals XAUUSD BTCUSD USOIL 3/4 confirm Join VIP Group Accuracy 85%+
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.