ETHUSDT: A crucial suppport!!
Updated
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Hello everyone,
Let's analyze ETHUSDT in weekly timeframe!!
ETHUSDT is currently forming a bullish pennant structure and maintaining strong trendline support. It is trading above the 200 MA, which is expected to act as a crucial support level.
RSI: Crossover in oversold zone.
There are two possible outcomes based on ETH price predictions:
Scenario 1:
ETH may bounce from the support range of $1996.59 to $2226.50, followed by an initial drop of approximately 7-10%.
Scenario 2:
ETH could break and fall through the upper support zone of $1996.59 to $2226.50 and decline toward the lower support zone of $1079.39 to $1251.48. A bounce from this lower support could occur only if ETH breaks the above zone, though this scenario is less likely due to the potential 50% decline from the current price, especially considering current market sentiment and cryptocurrency adoption trends.
BUYING ZONE:
Upper support zone:
$1996.59 to $2226.50
Lower support zone:
$1079.39 to $1251.48
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Hello everyone,
Let's analyze ETHUSDT in weekly timeframe!!
ETHUSDT is currently forming a bullish pennant structure and maintaining strong trendline support. It is trading above the 200 MA, which is expected to act as a crucial support level.
RSI: Crossover in oversold zone.
There are two possible outcomes based on ETH price predictions:
Scenario 1:
ETH may bounce from the support range of $1996.59 to $2226.50, followed by an initial drop of approximately 7-10%.
Scenario 2:
ETH could break and fall through the upper support zone of $1996.59 to $2226.50 and decline toward the lower support zone of $1079.39 to $1251.48. A bounce from this lower support could occur only if ETH breaks the above zone, though this scenario is less likely due to the potential 50% decline from the current price, especially considering current market sentiment and cryptocurrency adoption trends.
BUYING ZONE:
Upper support zone:
$1996.59 to $2226.50
Lower support zone:
$1079.39 to $1251.48
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
Trade active
Perfect bounce from the support level.
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