Ethereum (ETH/USD): Bullish Momentum Building
Ethereum is currently trading within a rising channel pattern, indicating sustained bullish momentum. Here's the breakdown:
1.Support Levels:
2.Resistance Zones:
3.Volume & RSI:
4.Target Levels:
Bullish Scenario:
If ETH holds above $3,114 and breaks $3,143 decisively, expect a swift move toward $3,224. Beyond this, a continuation within the channel could aim for $3,280.
Risk management is key—watch the $3,080 support zone closely for invalidation of the bullish setup.
1.Support Levels:
- Strong support at $3,080 (marked as 4H Support) has held firm, preventing further downside.
- The ascending trendline is providing consistent upward pressure.
2.Resistance Zones:
- Immediate resistance at $3,143 (30m Resistance).
- Key level to watch is $3,224 (4H Resistance), which aligns with the upper boundary of the channel.
3.Volume & RSI:
- Volume is gradually increasing, indicating renewed buyer interest.
- RSI is rising from oversold levels, supporting a bullish outlook.
4.Target Levels:
- A breakout above $3,143 could propel ETH towards $3,224, the next significant resistance.
Bullish Scenario:
If ETH holds above $3,114 and breaks $3,143 decisively, expect a swift move toward $3,224. Beyond this, a continuation within the channel could aim for $3,280.
Risk management is key—watch the $3,080 support zone closely for invalidation of the bullish setup.
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