Ethereum Technical Analysis Update
ETH/USDT Techncial Analsyis:-
The current market analysis of the ETHUSDT pair reveals that Ethereum is currently trading at a significant resistance level. Although the market is showing signs of a potential upward breakout, caution is advised as this is a crucial point to observe. If Ethereum breaks above this resistance level, the next possible targets are in the range of $3000-$3500. However, if the resistance level proves too strong, we may see a bearish reversal, with the price dropping back to $1360.
The chart analysis also indicates that a bearish pennant pattern is forming, which could result in a significant price drop to the range of $500-$700 if the price breaks below the $1350 level.
Traders are advised to avoid volatile wicks and wait for confirmations before making any trades.
If Ethereum manages to close above the $1760 level in a high-time frame (HTF), it could signal a shift towards bullish momentum. Conversely, if the price remains below this level, the bearish sentiment may continue.
To sum up, the key support and resistance levels to watch for in the ETHUSDT pair are $1350 and $1760, respectively. Traders are encouraged to exercise caution and follow the latest updates for informed decision-making.
The current market analysis of the ETHUSDT pair reveals that Ethereum is currently trading at a significant resistance level. Although the market is showing signs of a potential upward breakout, caution is advised as this is a crucial point to observe. If Ethereum breaks above this resistance level, the next possible targets are in the range of $3000-$3500. However, if the resistance level proves too strong, we may see a bearish reversal, with the price dropping back to $1360.
The chart analysis also indicates that a bearish pennant pattern is forming, which could result in a significant price drop to the range of $500-$700 if the price breaks below the $1350 level.
Traders are advised to avoid volatile wicks and wait for confirmations before making any trades.
If Ethereum manages to close above the $1760 level in a high-time frame (HTF), it could signal a shift towards bullish momentum. Conversely, if the price remains below this level, the bearish sentiment may continue.
To sum up, the key support and resistance levels to watch for in the ETHUSDT pair are $1350 and $1760, respectively. Traders are encouraged to exercise caution and follow the latest updates for informed decision-making.
Twitter: twitter.com/CryptoPatel
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
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.