ETHUSD has decisively broken above its long-term descending trendline, showing early signs of a bullish trend reversal. With a bullish price structure forming above the $1,740 support zone, eyes are on the potential rally toward $4,100.
The Commitment of Traders (COT) data adds weight to the move:
88.31% of non-commercial positions are long as of April 27.
Net positions turned positive, reflecting renewed institutional confidence.
Open interest is rising steadily, and short positions are being reduced.
The technical breakout, aligned with bullish sentiment among smart money traders, presents a compelling setup.
Target: $4,135
Stop Loss Zone: Below $1,335
Watch Levels: $1,744 (key structure), $2,400 (interim resistance)
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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.