Ethereum has shown a significant bounce after breaking above the critical support level at $2,870. This move indicates a potential shift in momentum, aligning with the idea of a range change. Currently, ETH appears to be trading near the lower boundary of this new range, which presents an opportunity for a bullish continuation.
The $3,100 level is identified as a key demand zone, as it was previously an area where buyers showed strength, driving the price higher. A potential entry around this level aligns with historical price action, making it a favorable zone for a long trade setup.
The trade plan suggests activating a long position at $3,100, with a tight stop-loss placed just below the $2,870 level to manage risk. The initial target for this setup is $3,744, a significant resistance level where the price could encounter selling pressure.
The overall strategy hinges on the assumption that Ethereum has shifted to a higher trading range and that the current price zone near $3,100 represents a strong accumulation area. If this thesis holds, a move toward $3,744 could materialize in the coming sessions, provided that ETH maintains support at the $3,100 level and sustains its bullish trajectory.
👨🏻💻💭 Are you ready to take advantage of this ETH setup? Let me know your thoughts below!
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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.