ETH/USDT Analysis: Potential Upside with Caution
Ethereum (ETH/USDT) is trading within a descending triangle, currently near the $3,250 zone, a strong support level. Recent price action has respected this support multiple times, suggesting a possible rebound. A breakout above the descending trendline could push prices toward the target zone of $3,930-$4,000, aligning with Fibonacci extensions and resistance levels.
Key Levels to Watch:
Support: $3,000
Resistance: $3,500 (trendline), $3,930 (future target)
Indicators:
RSI is near 45, indicating neutral momentum with a potential for reversal.
ADX shows weak trend strength, but bullish divergence may develop.
Volume is decreasing, signaling a potential breakout on confirmation.
Trade Plan:
Entry: On breakout above $3,500 with confirmation (daily close).
Target: $3,930
Stop-Loss: Below $3,000 to manage risk.
Watch for rejection at $3,500 if volume fails to support the breakout. A break below $3,000 may invalidate the bullish setup.
Feel free to share your thoughts, feedback, or alternative perspectives to enhance this analysis further!
Key Levels to Watch:
Support: $3,000
Resistance: $3,500 (trendline), $3,930 (future target)
Indicators:
RSI is near 45, indicating neutral momentum with a potential for reversal.
ADX shows weak trend strength, but bullish divergence may develop.
Volume is decreasing, signaling a potential breakout on confirmation.
Trade Plan:
Entry: On breakout above $3,500 with confirmation (daily close).
Target: $3,930
Stop-Loss: Below $3,000 to manage risk.
Watch for rejection at $3,500 if volume fails to support the breakout. A break below $3,000 may invalidate the bullish setup.
Feel free to share your thoughts, feedback, or alternative perspectives to enhance this analysis further!
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.