EthereumLong
ETHEREUM (ETHUSD): Technical Outlook
Many questions regarding Ethereum have been circulating, and I have provided a detailed technical analysis.
About a month ago, the market hit a significant daily resistance level and experienced a negative rebound.
Currently, the price is testing a strong support level horizontally.
By closely examining the chart and observing the price action, a falling trend line can be identified, indicating a classic bullish accumulation pattern.
The price is forming higher lows while respecting the descending resistance trend line.
I anticipate that the next bullish movement will begin after breaking above the resistance trend line, with a daily candle closing above it to confirm the breakout.
A bullish continuation could potentially lead to a target of 4000.
On the other hand, a bearish breakout of the horizontal support level may drive the market down to a support level of 2700.
About a month ago, the market hit a significant daily resistance level and experienced a negative rebound.
Currently, the price is testing a strong support level horizontally.
By closely examining the chart and observing the price action, a falling trend line can be identified, indicating a classic bullish accumulation pattern.
The price is forming higher lows while respecting the descending resistance trend line.
I anticipate that the next bullish movement will begin after breaking above the resistance trend line, with a daily candle closing above it to confirm the breakout.
A bullish continuation could potentially lead to a target of 4000.
On the other hand, a bearish breakout of the horizontal support level may drive the market down to a support level of 2700.
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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.
Join our Telegram channel for daily market update 👇👇
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
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.