EthereumLong
ETHUSDT Bullish Corrections: Heading Towards $3121
Analysis:
Following recent market developments, ETHUSDT is showing signs of bullish corrections. The price has been correcting from the $2950 price region and is now making its way towards the $3121 price point.
Key Points:
Market Developments: Recent positive developments have sparked renewed interest and confidence in Ethereum (ETH), leading to increased buying pressure.
NFP Impact: The Non-Farm Payroll (NFP) report released today significantly affected the market. As a result, we observed a Bitcoin price drop, which caused traders to panic sell across the crypto market. Despite this, ETHUSDT is demonstrating resilience and a bullish correction.
Support Level: The $2950 region has shown strong support, acting as a solid foundation for the current upward movement.
Target: Based on current market momentum and technical indicators, the next significant resistance level appears to be around $3121.
Technical Indicators:
Moving Averages: The 50-day and 200-day moving averages are converging, indicating potential for a bullish crossover.
Relative Strength Index (RSI): Currently trending upwards, suggesting increasing buying momentum.
Volume: There has been a noticeable uptick in trading volume, supporting the bullish outlook.
Conclusion:
With the support at $2950 holding strong and the market reacting positively to recent developments, ETHUSDT is poised for a move towards $3121. The market's response to the NFP report, causing a Bitcoin price drop and subsequent panic selling, adds an extra layer of volatility to monitor. Traders should watch for potential pullbacks and confirm the uptrend with volume and momentum indicators.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always do your own research before making any trading decisions.
Following recent market developments, ETHUSDT is showing signs of bullish corrections. The price has been correcting from the $2950 price region and is now making its way towards the $3121 price point.
Key Points:
Market Developments: Recent positive developments have sparked renewed interest and confidence in Ethereum (ETH), leading to increased buying pressure.
NFP Impact: The Non-Farm Payroll (NFP) report released today significantly affected the market. As a result, we observed a Bitcoin price drop, which caused traders to panic sell across the crypto market. Despite this, ETHUSDT is demonstrating resilience and a bullish correction.
Support Level: The $2950 region has shown strong support, acting as a solid foundation for the current upward movement.
Target: Based on current market momentum and technical indicators, the next significant resistance level appears to be around $3121.
Technical Indicators:
Moving Averages: The 50-day and 200-day moving averages are converging, indicating potential for a bullish crossover.
Relative Strength Index (RSI): Currently trending upwards, suggesting increasing buying momentum.
Volume: There has been a noticeable uptick in trading volume, supporting the bullish outlook.
Conclusion:
With the support at $2950 holding strong and the market reacting positively to recent developments, ETHUSDT is poised for a move towards $3121. The market's response to the NFP report, causing a Bitcoin price drop and subsequent panic selling, adds an extra layer of volatility to monitor. Traders should watch for potential pullbacks and confirm the uptrend with volume and momentum indicators.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always do your own research before making any trading decisions.
For Private classes message me on telegram t.me/theLastluftwaffe
FOR FREE SIGNALS JOIN NOW!!
t.me/LuftwaffeCartel
Tip ETH: 0xa5F4d7C5c1A6C0892684B0fcba6579B17B86a471
May the PIPs favour YOu!!!
FOR FREE SIGNALS JOIN NOW!!
t.me/LuftwaffeCartel
Tip ETH: 0xa5F4d7C5c1A6C0892684B0fcba6579B17B86a471
May the PIPs favour YOu!!!
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.