ETHUSD Potential for a channel breakout
Updated
ETHUSDT has been consolidating since the beginning of the month, forming higher lows, indicating increasing buying pressure. On the weekly timeframe, the formation of a double bottom signals a potential reversal. While the market may continue to consolidate, it's likely to establish a range just below the channel border before a potential breakout.
If the market breaks and closes above the previous week's high, we can anticipate further upward momentum. The target for this move is the resistance zone around 2597.00, signalling a shift toward a bullish trend
If the market breaks and closes above the previous week's high, we can anticipate further upward momentum. The target for this move is the resistance zone around 2597.00, signalling a shift toward a bullish trend
Trade closed: target reached
Price went straight up. It icnreased over 11% since the analysis was published!
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