Ethereum Price Analysis – Key Support and Potential Targets
This chart of Ethereum (ETH/USD) displays a potential long trade setup based on a robust support zone, key Fibonacci retracement levels, and bullish technical signals.
Key Observations:
Strong Support:
The chart highlights a prominent support area (purple zone) where buyers have consistently stepped in.
Bullish Price Action:
A recent bounce off support suggests a potential trend reversal, laying the groundwork for an upward move.
Fibonacci Retracement Levels:
0.618 (e.g., ~$3,600):
Price held at this critical retracement level, signaling strong buyer interest.
0.5 (e.g., ~$3,800):
This level acted as a pivot, where the price reversed upward.
0.382 (e.g., ~$4,000):
Expected to serve as a short-term resistance zone and potential take-profit target.
Technical Indicators (Moving Averages):
A bullish crossover between the short-term and long-term moving averages suggests a trend reversal.
These moving averages could serve as dynamic support/resistance as the price advances.
Bullish Scenario:
Trade Plan (Bullish Bias):
Entry:
Consider a long position if the price closes above the resistance near ~$4,000.
Stop Loss:
Place below the strong support zone (e.g., under ~$3,600) to control risk.
Target Levels:
TP1: ~$4,200 – initial profit target.
TP2: ~$4,400 – intermediate target.
TP3: ~$4,600 – potential extended move target.
Conclusion:
The ETH/USD chart is set up for a bullish reversal from a well-established support base. A breakout above ~$4,000, accompanied by strong volume, could propel the price toward the mid-$4,000 range and beyond, validating the long trade strategy.
Key Observations:
Strong Support:
The chart highlights a prominent support area (purple zone) where buyers have consistently stepped in.
Bullish Price Action:
A recent bounce off support suggests a potential trend reversal, laying the groundwork for an upward move.
Fibonacci Retracement Levels:
0.618 (e.g., ~$3,600):
Price held at this critical retracement level, signaling strong buyer interest.
0.5 (e.g., ~$3,800):
This level acted as a pivot, where the price reversed upward.
0.382 (e.g., ~$4,000):
Expected to serve as a short-term resistance zone and potential take-profit target.
Technical Indicators (Moving Averages):
A bullish crossover between the short-term and long-term moving averages suggests a trend reversal.
These moving averages could serve as dynamic support/resistance as the price advances.
Bullish Scenario:
Trade Plan (Bullish Bias):
Entry:
Consider a long position if the price closes above the resistance near ~$4,000.
Stop Loss:
Place below the strong support zone (e.g., under ~$3,600) to control risk.
Target Levels:
TP1: ~$4,200 – initial profit target.
TP2: ~$4,400 – intermediate target.
TP3: ~$4,600 – potential extended move target.
Conclusion:
The ETH/USD chart is set up for a bullish reversal from a well-established support base. A breakout above ~$4,000, accompanied by strong volume, could propel the price toward the mid-$4,000 range and beyond, validating the long trade strategy.
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.