Market Structure & Analysis:
Falling Wedge Breakout: Ethereum previously broke out of a falling wedge pattern, which is a bullish reversal signal.
Ascending Triangle Formation: Price is currently forming an ascending triangle, indicating potential for a breakout.
Support Levels:
$2,021 – Local support.
$1,926 - $1,873 – Strong demand zone.
Resistance Levels:
$2,120 - $2,251 – First resistance zone.
$2,531 - $2,564 – Final bullish target zone.
Trading Plan:
Buy Setup:
Enter long on breakout above $2,120 with strong momentum.
Stop Loss: Below $2,021 (support level).
Take Profit Targets:
TP1: $2,251 (first resistance).
TP2: $2,531 (main target).
TP3: $2,564 (extended bullish target).
Risk Factors:
A failure to break $2,120 could result in a pullback to $1,926.
Macroeconomic factors or Bitcoin’s movement may impact Ethereum’s trend.
Falling Wedge Breakout: Ethereum previously broke out of a falling wedge pattern, which is a bullish reversal signal.
Ascending Triangle Formation: Price is currently forming an ascending triangle, indicating potential for a breakout.
Support Levels:
$2,021 – Local support.
$1,926 - $1,873 – Strong demand zone.
Resistance Levels:
$2,120 - $2,251 – First resistance zone.
$2,531 - $2,564 – Final bullish target zone.
Trading Plan:
Buy Setup:
Enter long on breakout above $2,120 with strong momentum.
Stop Loss: Below $2,021 (support level).
Take Profit Targets:
TP1: $2,251 (first resistance).
TP2: $2,531 (main target).
TP3: $2,564 (extended bullish target).
Risk Factors:
A failure to break $2,120 could result in a pullback to $1,926.
Macroeconomic factors or Bitcoin’s movement may impact Ethereum’s trend.
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.