ETH/USD Weekly Technical Update: DMI Cross and Potential Upside
This update provides an analysis of Ethereum (ETH/USD) on the weekly timeframe, focusing on the recent price movements, key levels, and potential bullish scenarios.
Analysis:
Directional Movement Index (DMI):
As previously mentioned, the DMI was ready for a cross, and it has now confirmed.
This cross indicates a strengthening bullish momentum.
Recent Price Action:
ETH has pumped from $2900, confirming the bullish trend.
The price is holding well above $3250, a critical support level.
Key Levels:
Immediate resistance levels to watch are $3800 and $3900.
A potential move to $4000 is possible if ETH maintains its momentum.
Weekly Candle Close:
A weekly candle close above $3500 will be a strong confirmation of the bullish trend.
This could propel ETH towards $3700 and higher targets.
Conclusion:
ETH is showing strong bullish signals with the DMI cross and recent price action. Maintaining support above $3250 and achieving a weekly close above $3500 will likely confirm a move to $3700 and beyond.
Analysis:
Directional Movement Index (DMI):
As previously mentioned, the DMI was ready for a cross, and it has now confirmed.
This cross indicates a strengthening bullish momentum.
Recent Price Action:
ETH has pumped from $2900, confirming the bullish trend.
The price is holding well above $3250, a critical support level.
Key Levels:
Immediate resistance levels to watch are $3800 and $3900.
A potential move to $4000 is possible if ETH maintains its momentum.
Weekly Candle Close:
A weekly candle close above $3500 will be a strong confirmation of the bullish trend.
This could propel ETH towards $3700 and higher targets.
Conclusion:
ETH is showing strong bullish signals with the DMI cross and recent price action. Maintaining support above $3250 and achieving a weekly close above $3500 will likely confirm a move to $3700 and beyond.
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