Ethereum (ETH/USD) - Potential Reversal Setup Based on Technical
Ethereum (ETH/USD) has been in a strong downtrend, as indicated by the descending channel (highlighted in yellow and red). However, price action is showing signs of a potential reversal, breaking out of the bearish trend and entering a bullish recovery phase.
Key Technical Insights:
Downtrend Channel Breakout: ETH has successfully broken out of the descending channel, signaling a potential trend reversal.
Support Zone: The $2,104 - $2,165 level has acted as a strong support, preventing further downside.
Entry Zone: A long entry setup is identified around $2,266, where price action is stabilizing.
Resistance Levels: Key resistance zones to watch are around $2,500 - $2,600. A break above these levels could confirm a further uptrend.
Target Price: Based on Fibonacci retracement and historical resistance levels, the potential target is $2,600.
Trade Setup:
Entry Price: $2,266
Target Price: $2,600
Stop Loss: Below $2,165
Risk/Reward Ratio: Favorable setup with a good upside potential
Conclusion:
Ethereum is showing bullish strength after a prolonged downtrend, with strong indications of a potential reversal. Traders should monitor price action near key resistance levels for confirmation of the uptrend. A breakout above $2,500 would further support bullish momentum toward the $2,600 target.
📌 Trade with proper risk management and monitor key resistance zones for confirmation! 🚀
Key Technical Insights:
Downtrend Channel Breakout: ETH has successfully broken out of the descending channel, signaling a potential trend reversal.
Support Zone: The $2,104 - $2,165 level has acted as a strong support, preventing further downside.
Entry Zone: A long entry setup is identified around $2,266, where price action is stabilizing.
Resistance Levels: Key resistance zones to watch are around $2,500 - $2,600. A break above these levels could confirm a further uptrend.
Target Price: Based on Fibonacci retracement and historical resistance levels, the potential target is $2,600.
Trade Setup:
Entry Price: $2,266
Target Price: $2,600
Stop Loss: Below $2,165
Risk/Reward Ratio: Favorable setup with a good upside potential
Conclusion:
Ethereum is showing bullish strength after a prolonged downtrend, with strong indications of a potential reversal. Traders should monitor price action near key resistance levels for confirmation of the uptrend. A breakout above $2,500 would further support bullish momentum toward the $2,600 target.
📌 Trade with proper risk management and monitor key resistance zones for confirmation! 🚀
Trade active
Trade is active! Bulls are gaining strength—watch resistance levels for confirmation! 🚀Trade closed: target reached
Our Target Reached 
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.
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.