Hello guys.
Ethereum (ETH/USDT) has recently broken out of a well-defined descending channel on the 12H timeframe, suggesting a short-term shift in momentum. However, traders should remain cautious, as price action still faces significant resistance ahead.
🔍Technical points:
Short-Term Projection:
Ethereum (ETH/USDT) has recently broken out of a well-defined descending channel on the 12H timeframe, suggesting a short-term shift in momentum. However, traders should remain cautious, as price action still faces significant resistance ahead.
🔍Technical points:
- Descending Channel Structure: ETH has been trending downward since early February 2025, forming a clean descending channel with lower highs and lower lows.
- Fake Breakout & Reversal: Earlier in April, the price dipped below the lower boundary of the channel in what now appears to be a fake breakdown, quickly recovering back inside.
- Confirmed Breakout: Recently, ETH managed to close above the midline of the channel, breaking above short-term resistance near $1,640. This confirms a bullish breakout, at least in the short term.
- Next Key Resistance Zone: The price is now targeting the $1,850–$2,050 area — a strong supply zone and previous structural level. If ETH fails to break through this zone, we may see another leg down inside the broader downtrend.
Short-Term Projection:
- Bullish Path: A possible continuation toward the upper channel edge near $1,900–$2,000.
- Bearish Rejection: If sellers defend that zone, ETH could resume its downward trend, potentially revisiting $1,500 or even lower.
Note
As you can see, it weekly time frame the target of pattern is achieved but for getting confirmation in upper time frame scale we need a stronger confirmation on this time frame!Trade active
Trade closed: target reached
👉 My recommended broker: bit.ly/HYMCMELI
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Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.