1. Price Movement & Trend
The chart shows Ethereum's price action in a downward channel (blue and red zones), indicating a bearish trend.
Recently, the price broke out of this channel and is attempting a recovery.
2. Support and Resistance Zones
Resistance Zone (Upper Box): Marked near the 2,990.31 level, indicating a potential area where price could face selling pressure.
Support Zone (Lower Box): Marked as an area where price previously found buyers and could bounce.
3. Trade Setup
Entry Zone (Red Box): A price area where traders might be entering short positions.
Target Zone (Green Box): Marked lower, suggesting a possible take-profit level.
Stop-Loss: Implicitly placed above the entry zone.
4. Indicators & Signals
Sell & Buy Markers: Signals generated based on market conditions.
Fibonacci Level (0.77): Used to analyze potential price retracement levels.
Trendlines: Green lines indicating a possible rising wedge or ascending channel formation.
5. Overall Analysis
The chart suggests a bearish outlook, with a potential drop to the lower green target zone.
However, if price breaks the resistance, it could invalidate the bearish setup.
ITS NOT FINANCIAL ADVISE
The chart shows Ethereum's price action in a downward channel (blue and red zones), indicating a bearish trend.
Recently, the price broke out of this channel and is attempting a recovery.
2. Support and Resistance Zones
Resistance Zone (Upper Box): Marked near the 2,990.31 level, indicating a potential area where price could face selling pressure.
Support Zone (Lower Box): Marked as an area where price previously found buyers and could bounce.
3. Trade Setup
Entry Zone (Red Box): A price area where traders might be entering short positions.
Target Zone (Green Box): Marked lower, suggesting a possible take-profit level.
Stop-Loss: Implicitly placed above the entry zone.
4. Indicators & Signals
Sell & Buy Markers: Signals generated based on market conditions.
Fibonacci Level (0.77): Used to analyze potential price retracement levels.
Trendlines: Green lines indicating a possible rising wedge or ascending channel formation.
5. Overall Analysis
The chart suggests a bearish outlook, with a potential drop to the lower green target zone.
However, if price breaks the resistance, it could invalidate the bearish setup.
ITS NOT FINANCIAL ADVISE
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.