ETH has been consolidating, but a breakout possible above 2700
Updated
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ETH has been consolidating, but a breakout above the $2,700 level could fuel a rally towards $3,200 and beyond! 👀 Will we see Ethereum skyrocket again? 🚀🔑 Key support holding strong at $2,124 – This could be the next big opportunity for bulls! 📈
Watch out for increasing volume and RSI divergence – the signals are aligning! ⚡️📊
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💥 Don't miss out on the potential gains! 💥
ETHUSDT Analysis
Looking at the daily chart of Ethereum (ETH/USD), there are several key insights that can be drawn from the technical structure:
1. Descending Triangle Breakout:
Ethereum had been moving in a descending triangle pattern since May 2024. After multiple tests of the support near $2,124, the price found significant demand in this area, indicating strong buying interest.
2. Key Support at $2,124:
The base or support level of $2,124 has acted as a solid floor for Ethereum, as shown by multiple rejections. This is a crucial area to watch, and any future retest of this level could offer a buying opportunity.
3. RSI Divergence:
The RSI shows signs of divergence, indicating that bearish momentum may be fading. This supports a bullish outlook, especially as price attempts to break through the descending resistance.
4. Potential Upside:
Should Ethereum break above the resistance around $2,700, the next target is the $3,200-$3,600 range, providing a potential upside move of around 40% from current levels.
Conclusion:
Ethereum appears ready for a potential bullish breakout above the descending triangle. If the price stays above the key support level of $2,124 and manages to close above the resistance, we could see a significant rally towards $3,200 and beyond. However, a rejection could lead to further consolidation, so caution is advised for traders.
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Our target done at 3200
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