ETHER - Outlook for Week Commencing 13/01/2025
Bias
The chart shows a neutral to bearish bias:
Key Support and Resistance Levels
Support Levels:
$3,200–$3,250: Current support zone, where the price is consolidating.
$2,900–$3,000: Major lower support and a previous bounce area.
Resistance Levels:
$3,450–$3,500: First resistance zone near the 50-period moving average (blue line).
$3,700: Second major resistance, marking the upper consolidation zone.
$4,100: Significant long-term resistance, visible on the chart.
Trade Plan for the Coming Week
Scenario 1: Short-Term Bullish Retracement
Entry: Buy if the price breaks above $3,300 with strong bullish momentum.
Stop Loss (SL): Below $3,200 (current support).
Take Profit (TP):
TP1: $3,450 (first resistance level).
TP2: $3,700 (next major resistance).
Scenario 2: Continuation of Downtrend
Entry: Sell if the price fails to break $3,300 and breaks below $3,200 (confirmation of bearish momentum).
Stop Loss (SL): Above $3,300.
Take Profit (TP):
TP1: $3,000 (major support zone).
TP2: $2,900 (extension of bearish move).
Scenario 3: Bullish Breakout
Entry: Buy on a breakout above $3,500 with strong volume.
Stop Loss (SL): Below $3,450.
Take Profit (TP):
TP1: $3,700.
TP2: $4,100.
The chart shows a neutral to bearish bias:
- Price is trading below the 200-period moving average (red line), indicating overall bearish pressure.
- There is an attempt to recover from a recent drop, but the price remains below significant resistance levels.
- The MACD histogram and signal lines are showing signs of a potential short-term bullish retracement.
Key Support and Resistance Levels
Support Levels:
$3,200–$3,250: Current support zone, where the price is consolidating.
$2,900–$3,000: Major lower support and a previous bounce area.
Resistance Levels:
$3,450–$3,500: First resistance zone near the 50-period moving average (blue line).
$3,700: Second major resistance, marking the upper consolidation zone.
$4,100: Significant long-term resistance, visible on the chart.
Trade Plan for the Coming Week
Scenario 1: Short-Term Bullish Retracement
Entry: Buy if the price breaks above $3,300 with strong bullish momentum.
Stop Loss (SL): Below $3,200 (current support).
Take Profit (TP):
TP1: $3,450 (first resistance level).
TP2: $3,700 (next major resistance).
Scenario 2: Continuation of Downtrend
Entry: Sell if the price fails to break $3,300 and breaks below $3,200 (confirmation of bearish momentum).
Stop Loss (SL): Above $3,300.
Take Profit (TP):
TP1: $3,000 (major support zone).
TP2: $2,900 (extension of bearish move).
Scenario 3: Bullish Breakout
Entry: Buy on a breakout above $3,500 with strong volume.
Stop Loss (SL): Below $3,450.
Take Profit (TP):
TP1: $3,700.
TP2: $4,100.
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.
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.