Ethereum / TetherUSUpdated Ethereum (ETH/USDT) Breakout Incoming? Eyeing $4,000 Target
Ethereum (ETH/USDT) 4H Analysis: Breakout Toward $4,000?
Key Observations:
1. Potential Double Bottom Formation:
ETH appears to be forming a double bottom near the $3,000 support level, indicating a potential bullish reversal.
2. 200 EMA Resistance:
The 200 EMA ($3,324) is acting as resistance. A clear breakout above this level could confirm bullish momentum.
3. RSI Indicates Momentum Shift:
The Relative Strength Index (RSI) is at 56.85, trending upward, suggesting increasing buying pressure but not yet overbought.
4. Potential Scenarios:
Bullish Breakout: If ETH breaks and holds above $3,324, the next target could be around $4,000.
Rejection & Retest: If ETH faces rejection at $3,324, it may retest $3,000 before another attempt higher.
Conclusion:
ETH is showing bullish potential, especially if it clears $3,324 resistance.
A confirmed breakout could trigger a strong rally toward $3,800-$4,000.
Traders should watch for volume confirmation to validate the move.
Key Observations:
1. Potential Double Bottom Formation:
ETH appears to be forming a double bottom near the $3,000 support level, indicating a potential bullish reversal.
2. 200 EMA Resistance:
The 200 EMA ($3,324) is acting as resistance. A clear breakout above this level could confirm bullish momentum.
3. RSI Indicates Momentum Shift:
The Relative Strength Index (RSI) is at 56.85, trending upward, suggesting increasing buying pressure but not yet overbought.
4. Potential Scenarios:
Bullish Breakout: If ETH breaks and holds above $3,324, the next target could be around $4,000.
Rejection & Retest: If ETH faces rejection at $3,324, it may retest $3,000 before another attempt higher.
Conclusion:
ETH is showing bullish potential, especially if it clears $3,324 resistance.
A confirmed breakout could trigger a strong rally toward $3,800-$4,000.
Traders should watch for volume confirmation to validate the move.
Trade active
Ethereum (ETH) saw a strong move up to $3,443.71, but has since pulled back to $3,310. This could be a healthy retracement before the next leg higher, or a sign of resistance holding. Watching key support levels now to see if bulls regain control.
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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.