🚨 **Ethereum Breaks Key Resistance – Bullish Signal!** 🚨
After weeks of consolidation, Ethereum (
ETH) has finally broken through a crucial resistance level, triggering a massive short squeeze that liquidated **$46 million** worth of short positions! 💥 This is a strong sign that market sentiment could be shifting to the upside.
Here’s the breakdown:
🔑 **Resistance Breakout**: Ethereum has successfully closed a **4-hour candle above** the key resistance level, signaling a potential trend reversal and continuation to the upside. The market is now eyeing the next major target at **$2100**.
📈 **Trade Setup**:
- **Entry Point**: We are looking for a **retest of the $1960 level** as support (previous resistance), which is a strong entry zone for a long position.
- **Stop Loss**: Set your stop loss just below the previous support level at **$1920** to manage risk effectively.
- **Target**: The next major resistance is around **$2100**, where we expect some price action to unfold. A break above this could signal further upside potential.
This breakout presents a clear opportunity for traders looking to capitalize on potential bullish momentum in Ethereum. Keep your eyes on the charts and manage risk appropriately! 🔍
**Remember**: As always, trade responsibly and stay updated on market conditions.
After weeks of consolidation, Ethereum (
ETH) has finally broken through a crucial resistance level, triggering a massive short squeeze that liquidated **$46 million** worth of short positions! 💥 This is a strong sign that market sentiment could be shifting to the upside. Here’s the breakdown:
🔑 **Resistance Breakout**: Ethereum has successfully closed a **4-hour candle above** the key resistance level, signaling a potential trend reversal and continuation to the upside. The market is now eyeing the next major target at **$2100**.
📈 **Trade Setup**:
- **Entry Point**: We are looking for a **retest of the $1960 level** as support (previous resistance), which is a strong entry zone for a long position.
- **Stop Loss**: Set your stop loss just below the previous support level at **$1920** to manage risk effectively.
- **Target**: The next major resistance is around **$2100**, where we expect some price action to unfold. A break above this could signal further upside potential.
This breakout presents a clear opportunity for traders looking to capitalize on potential bullish momentum in Ethereum. Keep your eyes on the charts and manage risk appropriately! 🔍
**Remember**: As always, trade responsibly and stay updated on market conditions.
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.