Daily Chart (1D) Overview
The daily chart reflects a powerful bullish breakout, where ETHUSD surged past prior resistance levels, now potentially turning into support. Key observations:
Support Zones:
The $2,300 to $2,400 zone has emerged as a strong demand area. This zone was previously resistance and has now flipped into support after the breakout.
A deeper retracement could potentially revisit the $1,750 to $1,850 demand area, though that would suggest a breakdown of current bullish momentum.
Resistance Zones:
The price is currently testing minor resistance around $2,600 and $2,650, with historical supply and reaction zones visible from previous consolidation.
A broader supply zone exists between $2,800 to $3,400, marked in red, which could be the next major target area if the bulls maintain momentum.
Structure:
ETH formed a higher low in late April followed by a higher high in early May, confirming a trend reversal from the earlier bearish structure.
The clean breakout from consolidation signals a fresh bullish leg, with increasing volume and momentum indicators likely aligning with upward bias.
Trend Direction: Bullish on both Daily and 4H
✅ Market Structure: Higher highs and higher lows
✅ Key Short-Term Support: $2,350 to $2,450
✅ Key Resistance Zones: $2,620 to $2,650 → $2,800 → $3,400
✅ Upside Targets:
1. Short-Term: $2,650 → $2,800
2. Medium-Term: $3,400 → $4,108
✅ Potential Retracement Levels:
3. Shallow: $2,420
4. Deeper: $2,200 and $1,850
If the price holds above $2,400, the bullish outlook remains intact, with increasing likelihood of testing higher resistance levels. However, a sustained move below $2,300 could trigger deeper retracements.
The daily chart reflects a powerful bullish breakout, where ETHUSD surged past prior resistance levels, now potentially turning into support. Key observations:
Support Zones:
The $2,300 to $2,400 zone has emerged as a strong demand area. This zone was previously resistance and has now flipped into support after the breakout.
A deeper retracement could potentially revisit the $1,750 to $1,850 demand area, though that would suggest a breakdown of current bullish momentum.
Resistance Zones:
The price is currently testing minor resistance around $2,600 and $2,650, with historical supply and reaction zones visible from previous consolidation.
A broader supply zone exists between $2,800 to $3,400, marked in red, which could be the next major target area if the bulls maintain momentum.
Structure:
ETH formed a higher low in late April followed by a higher high in early May, confirming a trend reversal from the earlier bearish structure.
The clean breakout from consolidation signals a fresh bullish leg, with increasing volume and momentum indicators likely aligning with upward bias.
Trend Direction: Bullish on both Daily and 4H
✅ Market Structure: Higher highs and higher lows
✅ Key Short-Term Support: $2,350 to $2,450
✅ Key Resistance Zones: $2,620 to $2,650 → $2,800 → $3,400
✅ Upside Targets:
1. Short-Term: $2,650 → $2,800
2. Medium-Term: $3,400 → $4,108
✅ Potential Retracement Levels:
3. Shallow: $2,420
4. Deeper: $2,200 and $1,850
If the price holds above $2,400, the bullish outlook remains intact, with increasing likelihood of testing higher resistance levels. However, a sustained move below $2,300 could trigger deeper retracements.
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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 My free Telegram Channel.
t.me/fxmyworld
My Contact
t.me/myworld115
t.me/fxmyworld
My Contact
t.me/myworld115
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.