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ETH 2-4 Long / Tether

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ETHUPUSDT trade ideas

ETHUSDT.1DThe Ethereum (ETH/USDT) daily chart presents a fascinating study in technical resistance and consolidation phases, reflecting the complex dynamics currently at play in the cryptocurrency market. Key Observations: Descending Resistance: A key feature of the chart is the descending resistance line (R2) that has defined the downtrend since the highs earlier in the year. This line has repeatedly acted as a barrier to price advances. Support and Resistance Levels: The immediate resistance is marked by 'R1' at $2,829.29. If the price can surpass this level, it might attempt to approach the descending resistance line and possibly challenge higher resistance at 'R3' ($3,565.20). Support levels are currently defined by 'S1' at $2,101.09 and further down by 'S2', which while not visible on the current screen, is crucial for lower boundary assessments. Technical Indicators: Stochastic RSI: This indicator is nearing the oversold territory, suggesting potential for a bullish reversal or at least a stabilization if market sentiment can shift positively. MACD: The MACD line is below the signal line but shows a convergence that hints at a possible upcoming bullish crossover, suggesting an increase in upward momentum if sustained. Strategic Approach: Given the current market positioning, my approach would involve a cautious watch on the price action around 'R1'. A decisive close above this level could indicate a weakening in the bearish sentiment and might offer a trading opportunity targeting 'R2'. Conversely, should the price fail to break 'R1' and instead retreat towards 'S1', it would be prudent to consider defensive strategies, including potentially short positions, to capitalize on the downward movement. Conclusion: The ETH/USDT chart underscores a potentially pivotal moment for Ethereum. Traders should remain alert to the price action near these key technical levels and adjust their strategies accordingly. The near-oversold conditions of the Stochastic RSI combined with the MACD's behavior provide a nuanced picture that could favor bulls in the short term, provided other market conditions align. As always, maintaining rigorous risk management practices is essential, particularly in the volatile crypto markets, to protect against unforeseen shifts in market dynamics.
Long
by MarsSignals
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The start of a new wave: 2630.0-2772.42 Hello, traders. If you "Follow", you can always get new information quickly. Please also click "Boost". Have a nice day today. ------------------------------------- The support and resistance points are likely to have changed due to changes in the indicator formula. Please note this. ------------------------------------------ Fibonacci-related chart tools are used for chart analysis. Therefore, you should be aware that the support and resistance points drawn using the arrangement of candles on the 1M, 1W, and 1D charts are different. - (ETHUSDT 12M chart) ETH is one of the coins expected to show a larger increase than BTC. Therefore, I think it is a coin that is worth investing in long term along with BTC. The most important volume profile section on the 12M chart is 736.42. - (1M chart) The HA-High indicator on the 1M chart is formed at 3321.30. Therefore, in order for a full-fledged uptrend to begin, the price must be maintained above the HA-High indicator on the 1M chart. The current point of interest is whether it can be supported and rise near the MS-Signal indicator. If the MS-Signal indicator falls, 1st: 2159.0 2nd: 1.585.33 We need to check whether there is support near the 1st and 2nd above. - (1W chart) Since there are many lines, it can be dizzying, so I marked important support and resistance zones with circles. Therefore, you can create chart analysis or trading strategies centered on the zones marked with circles. The current 2630.0-2772.42 zone is supported, and the key is whether it can rise above 3014.05. - (1D chart) I think you can see if the current zone, that is, the 2630.0-2772.42 zone, is an important support and resistance zone. Therefore, the key is whether it can rise above the current zone. However, since the current StochRSI indicator is located near the highest point (100) of the overbought zone, the pressure for a decline will increase over time. Therefore, the point to watch is how the StochRSI indicator is initialized. In other words, when the StochRSI indicator falls from the overbought zone to the oversold zone or rises from the oversold zone to the overbought zone, it is called initialization. If the price is maintained around 2630.0-2772.42 when initialization is performed like this, it is expected to create a new rising wave. To do so, it is possible that it will rise to around 3014.04 and then fall, or fall below 2630.0-2772.42 and then rise again. Of course, it can move sideways like this. In any case, the price position is an important key point when the StochRSI indicator is initialized. - Since the M-Signal indicator of the 1W, 1M chart is passing through the 2630.0-2772.42 section, it is expected that a new rising wave will be created if the M-Signal indicator of the 1D chart rises above the 2630.0-2772.42 section. Therefore, I think it is highly likely that it will be the last buying section before the new wave starts. - Have a good time. Thank you. -------------------------------------------------- - ​​Big picture It is expected that a full-scale uptrend will start when it rises above 29K. The section expected to be touched in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 134018.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points where resistance is likely to occur in the future. We need to check if these points can be broken upward. We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
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