"Ethereum (ETH/USD) Breakout & Trade Setup: From Downtrend to Bu
Chart Analysis: Ethereum (ETH/USD) on 1-Hour Timeframe
Key Observations:
Descending Channel Breakout:
The chart shows a clear downtrend with a descending channel marked by multiple swing highs and lows (orange circles).
A breakout has occurred after price reached the lower boundary, indicating a trend reversal or at least a corrective move.
Accumulation/Consolidation Phase:
Price is currently ranging sideways within a rectangular support zone (marked in pink).
This suggests accumulation, a phase where buyers and sellers balance before a potential breakout.
Potential Bullish Move:
A projected price path indicates bullish momentum, with an expected breakout above resistance.
The next key resistance area is around $2,100, which is highlighted as a take-profit zone.
Volume Confirmation:
Increasing volume at the breakout of the descending channel supports the possibility of a bullish continuation.
The volume spike at the bottom suggests strong buyer interest at lower levels.
Trading Strategy Insights:
Bullish Bias: The market is likely shifting from a downtrend to an uptrend based on price action and volume.
Entry Point: A breakout from the consolidation zone would confirm a move towards higher resistance levels (~$2,100).
Stop-Loss: Below the current support range to minimize downside risk.
Take-Profit Zone: Around $2,100, where sellers might step in.
Key Observations:
Descending Channel Breakout:
The chart shows a clear downtrend with a descending channel marked by multiple swing highs and lows (orange circles).
A breakout has occurred after price reached the lower boundary, indicating a trend reversal or at least a corrective move.
Accumulation/Consolidation Phase:
Price is currently ranging sideways within a rectangular support zone (marked in pink).
This suggests accumulation, a phase where buyers and sellers balance before a potential breakout.
Potential Bullish Move:
A projected price path indicates bullish momentum, with an expected breakout above resistance.
The next key resistance area is around $2,100, which is highlighted as a take-profit zone.
Volume Confirmation:
Increasing volume at the breakout of the descending channel supports the possibility of a bullish continuation.
The volume spike at the bottom suggests strong buyer interest at lower levels.
Trading Strategy Insights:
Bullish Bias: The market is likely shifting from a downtrend to an uptrend based on price action and volume.
Entry Point: A breakout from the consolidation zone would confirm a move towards higher resistance levels (~$2,100).
Stop-Loss: Below the current support range to minimize downside risk.
Take-Profit Zone: Around $2,100, where sellers might step in.
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(ETH-USD) will buy start now
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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.
join telegram channel free..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
t.me/forex_signal_dollarsman
Forex Gold & Crypto signals with detailed analysis & get consistent results..
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.