ETH has officially broken out of a long-standing descending parallel channel on the daily chart — a key structural shift in market sentiment. This breakout is further supported by a successful close above the 50 EMA, which had acted as dynamic resistance throughout the downtrend.Key Technical Developments:
- Broke out of a descending parallel channel
- Closed above 50 EMA for the first time in weeks
- Strong daily candle with 8% gain confirms momentum shift
Immediate Support: $1,790 (former resistance zone turned support)
Next Major Resistance: $2,393
This is the mid-zone before ETH challenges the broader supply area around $2,550–2,850.
This breakout mirrors Ethereum's typical behavior during previous cycle expansions — grinding accumulation followed by aggressive breakout moves. The confluence of the EMA breakout and channel structure suggests we could be looking at the beginning of a broader trend reversal.
Trading Plan:
Retests towards $1,850–$1,790 can offer high R:R entries.
Watch for continuation patterns or consolidation above $2,000 for the next push.
ETH is reclaiming momentum — if BTC remains stable, this move could expand quickly.If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments, and feel free to request any specific chart analysis you’d like to see.
Trade active
ETH smashed the first target in just 24 hours!A massive 28% surge straight from our entry — absolutely lethal move! 🚀
Trade closed: target reached
ETH Profit Update:✅ Broke out of the descending parallel channel
✅ Closed above 50 EMA on the daily
✅ Already delivered a 44% move — nearly $850 range captured
Target 1 was achieved, and the price now respects it as support for post-breakout textbook price action!
The resistance zone did its job perfectly, offering a clean rejection before the breakout continuation.
We’re now seeing a healthy accumulation between Target 1 and the resistance, a strong bullish sign.
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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.