Keywords: Ethereum (ETH), Cryptocurrency, Trading, Technical Analysis, Resistance, Support, Breakout, Price Action, Consolidation, Accumulation, Bullish, Bearish, Trend
ETH is currently consolidating in a tight range below the crucial 3300 resistance level. This level has been acting as a significant barrier to further upside momentum.
Price Action:
We're witnessing a classic battle between bulls and bears. Buyers are trying to push prices higher, while sellers are defending the 3300 level.
Volume has been relatively low during this consolidation phase, suggesting indecision and a potential accumulation phase.
A decisive break above 3300 would be a strong bullish signal, potentially igniting a fresh wave of buying pressure.
Technical Analysis:
The 3300 level has acted as strong resistance on multiple occasions.
A break above this level would invalidate the bearish bias and open the door for a potential move towards 3600.
Conversely, a failure to break 3300 and a subsequent drop below a key support level 3200 would increase the likelihood of further downside.
Trading Strategy:
Wait for a decisive break above 3300.
Consider entering long positions on a breakout confirmation with a stop-loss below the breakout level.
Monitor volume and price action closely for any signs of weakness.
Disclaimer: This is not financial advice. Do your own research and consult with a qualified financial advisor before making any investment decisions.
Remember:
Price action is dynamic.
Markets can be unpredictable.
Always practice proper risk management.
ETH is currently consolidating in a tight range below the crucial 3300 resistance level. This level has been acting as a significant barrier to further upside momentum.
Price Action:
We're witnessing a classic battle between bulls and bears. Buyers are trying to push prices higher, while sellers are defending the 3300 level.
Volume has been relatively low during this consolidation phase, suggesting indecision and a potential accumulation phase.
A decisive break above 3300 would be a strong bullish signal, potentially igniting a fresh wave of buying pressure.
Technical Analysis:
The 3300 level has acted as strong resistance on multiple occasions.
A break above this level would invalidate the bearish bias and open the door for a potential move towards 3600.
Conversely, a failure to break 3300 and a subsequent drop below a key support level 3200 would increase the likelihood of further downside.
Trading Strategy:
Wait for a decisive break above 3300.
Consider entering long positions on a breakout confirmation with a stop-loss below the breakout level.
Monitor volume and price action closely for any signs of weakness.
Disclaimer: This is not financial advice. Do your own research and consult with a qualified financial advisor before making any investment decisions.
Remember:
Price action is dynamic.
Markets can be unpredictable.
Always practice proper risk management.
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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.
Related publications
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.