1. Main Trend
The overall trend for the ETH/USDT chart (30-minute timeframe) appears bullish, confirmed by the recent breakout above the $2,480 resistance level and price maintaining above the moving averages (MA 50 and MA 200).
The latest upward momentum pushed the price to around $2,510, but the current candlestick seems to be consolidating at this level.
2. Key Levels
Resistance:
$2,543 (next critical level).
Support:
$2,480 (previous resistance, now acting as a key support zone).
$2,461 (aligned with the MA 50 and prior consolidation).
Breakout: A breakout above $2,480 has occurred. The bullish trend is likely to continue as long as the price remains above this level.
3. Technical Indicators
RSI (Relative Strength Index):
Currently around 63, indicating positive momentum but not yet overbought (70+), suggesting more upside potential.
MACD:
Both the MACD and Signal lines are above 0 with a recent bullish crossover. However, the lines are converging, pointing to potential consolidation.
Moving Averages (MA 50 & MA 200):
The price is trading well above both moving averages, reinforcing the bullish outlook.
4. Risk/Opportunity
Entry Point: Long above $2,505 (continuation of the bullish trend).
Stop-loss: $2,470 (below the breakout level and MA 50 to reduce risk).
Take-profit:
Level 1: $2,543 (first visible resistance).
Level 2: $2,570 (potential extension of the trend).
Confidence Level: High (given the strong breakout and supporting technical indicators).
Recommendation
Trading Setup:
Asset: ETH/USDT
Direction: Long
Entry: $2,505
Stop-loss: $2,470
Take-profit:
Level 1: $2,543
Level 2: $2,570
Confidence: High
Additional Notes:
Monitor volatility and volume: A drop in volume may signal weakening momentum.
Bollinger Bands indicate possible tightening after the breakout, suggesting consolidation.
🏦 Conclusion: The current setup supports a bullish continuation strategy with a favorable risk/reward ratio.
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.
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.