ETHUSDT should buy or sell ?
Market Overview:
The ETH/USDT pair is showing signs of strength after breaking the resistance level at $2,644. The recent cup-and-handle pattern, highlighted in red, suggests a bullish reversal pattern. The market has tested the resistance zone around $2,679.98 multiple times (as indicated by the red arrows), implying that the market is gradually gaining momentum.
Key Technical Points:
Support Zone: The green zone around $2,615.95 - $2,626.25 represents a key support level, acting as a buffer where buying interest might emerge.
Resistance Zone: The next major resistance sits at $2,679.98, as indicated by the orange rectangle. A break above this level could trigger further upside momentum.
News Catalysts:
U.S. Bond Yields: A decline in U.S. bond yields and a weakening USD could support further upside movement in Ethereum, aligning with the technical picture.
Macro Events: Any easing from the Federal Reserve or signs of slowing inflation might also act as a tailwind for the broader crypto market, potentially boosting Ethereum prices.
Trading Strategy:
Bullish Scenario:
Entry: Consider entering a long position if the price breaks and holds above $2,679.98 (highlighted by the orange zone).
Target: Set a profit target around $2,740, where the next potential resistance could appear.
Stop Loss: Place a stop loss below the green support zone ($2,615.95), ensuring risk management in case of a market reversal.
This strategy hinges on the assumption of continued bullish momentum, reinforced by both technical patterns and favorable macroeconomic conditions.
The ETH/USDT pair is showing signs of strength after breaking the resistance level at $2,644. The recent cup-and-handle pattern, highlighted in red, suggests a bullish reversal pattern. The market has tested the resistance zone around $2,679.98 multiple times (as indicated by the red arrows), implying that the market is gradually gaining momentum.
Key Technical Points:
Support Zone: The green zone around $2,615.95 - $2,626.25 represents a key support level, acting as a buffer where buying interest might emerge.
Resistance Zone: The next major resistance sits at $2,679.98, as indicated by the orange rectangle. A break above this level could trigger further upside momentum.
News Catalysts:
U.S. Bond Yields: A decline in U.S. bond yields and a weakening USD could support further upside movement in Ethereum, aligning with the technical picture.
Macro Events: Any easing from the Federal Reserve or signs of slowing inflation might also act as a tailwind for the broader crypto market, potentially boosting Ethereum prices.
Trading Strategy:
Bullish Scenario:
Entry: Consider entering a long position if the price breaks and holds above $2,679.98 (highlighted by the orange zone).
Target: Set a profit target around $2,740, where the next potential resistance could appear.
Stop Loss: Place a stop loss below the green support zone ($2,615.95), ensuring risk management in case of a market reversal.
This strategy hinges on the assumption of continued bullish momentum, reinforced by both technical patterns and favorable macroeconomic conditions.
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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.