ETH → The resistance area will not be able to Resist!
Updated
hello guys.
let's analyze Ethereum coin.
1. Price Action & Market Structure:
- The price has been in a downtrend, followed by a strong bounce from a key support level around 2,527.05 USDT.
- A bullish channel has formed as the price is making higher highs and higher lows, indicating a potential recovery in progress.
2. Key Levels:
- Flip Area: The chart notes a flip area where the price was expected to move downward but instead failed to do so, suggesting this level has turned into a strong support.
- Target Area: The chart identifies a target area of around 3,081.55 USDT. This area is likely a resistance level where the price could encounter selling pressure if it continues to rise.
3. Bullish Channel:
- The price is moving within a rising channel, with a potential bullish continuation if the channel is maintained. The channel suggests the price could continue to rise, with pullbacks likely finding support near the lower trendline of the channel.
- The chart projects a possible movement pattern within this channel, suggesting the price may pull back slightly before moving higher toward the target area.
4. Projection:
- The price is likely to continue its upward trajectory within the bullish channel, with a potential target around 2,816.25 USDT first and then 3,081.55 USDT.
- A break below the channel could indicate a potential bearish reversal while maintaining the channel, which could see further upside.
Summary in Bullet Points
- Bullish Channel: Price is currently moving in a rising channel, indicating a bullish recovery.
- Key Support: Strong support around 2,527.05 USDT, previously expected to push the price down, has held firm.
- Resistance Levels: Watch for potential resistance at 2,816.25 USDT and the target area around 3,081.55 USDT.
- Outlook: As long as the price stays within the channel, the outlook remains bullish with possible targets above.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
let's analyze Ethereum coin.
1. Price Action & Market Structure:
- The price has been in a downtrend, followed by a strong bounce from a key support level around 2,527.05 USDT.
- A bullish channel has formed as the price is making higher highs and higher lows, indicating a potential recovery in progress.
2. Key Levels:
- Flip Area: The chart notes a flip area where the price was expected to move downward but instead failed to do so, suggesting this level has turned into a strong support.
- Target Area: The chart identifies a target area of around 3,081.55 USDT. This area is likely a resistance level where the price could encounter selling pressure if it continues to rise.
3. Bullish Channel:
- The price is moving within a rising channel, with a potential bullish continuation if the channel is maintained. The channel suggests the price could continue to rise, with pullbacks likely finding support near the lower trendline of the channel.
- The chart projects a possible movement pattern within this channel, suggesting the price may pull back slightly before moving higher toward the target area.
4. Projection:
- The price is likely to continue its upward trajectory within the bullish channel, with a potential target around 2,816.25 USDT first and then 3,081.55 USDT.
- A break below the channel could indicate a potential bearish reversal while maintaining the channel, which could see further upside.
Summary in Bullet Points
- Bullish Channel: Price is currently moving in a rising channel, indicating a bullish recovery.
- Key Support: Strong support around 2,527.05 USDT, previously expected to push the price down, has held firm.
- Resistance Levels: Watch for potential resistance at 2,816.25 USDT and the target area around 3,081.55 USDT.
- Outlook: As long as the price stays within the channel, the outlook remains bullish with possible targets above.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
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