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Ethereum on the Verge of Weekly High: 4050-4300 Resistance Looms
Analysis:
Ethereum on the weekly timeframe is approaching its resistance level in the range of $4050 to $4300.
A weekly candle closing above $3670 and sustained upward momentum could signal a long entry opportunity.
In case the $3670 level breaks and Bitcoin dominance remains range-bound, it's best to wait and observe the market's next move.
Key Points:
Support Levels: $3200, $2800
Resistance Levels: $3670, $4050-4300
Indicators: RSI approaching overbought zone, MACD bullish
Possible Scenarios:
Likely Scenario: Ethereum breaks above $3670 and climbs towards the $4050-4300 resistance.
Alternative Scenario: Ethereum ranges between $3200 and $3670 until Bitcoin dominance shows a clear direction.
Disclaimer:
This analysis is for informational purposes only and should not be considered investment advice.
Always conduct your own research and employ proper risk management before any trade.
Keywords:
Ethereum
Technical Analysis
Weekly Timeframe
Support & Resistance Levels
Indicators
RSI
MACD
Bitcoin Dominance
Long Trade
Risk
Resources:
TradingView: tradingview.com/
CoinMarketCap: coinmarketcap.com/
Good luck!
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.