ETH/USDT Daily Analysis: Ethereum is trading around $2,368, attempting to rebound from the lower boundary of a descending channel. The price has respected the support zone between $2,150 and $2,250, which is marked by the brown shaded area on the chart.
The red-shaded area between $4,000 and $4,600 is the major resistance zone. A breakout above this zone would be a strong bullish signal, potentially leading to a continuation towards higher levels.
Key support is currently at the brown zone between $2,150 and $2,250. A failure to hold this level could result in Ethereum testing lower support of around $2,000 or potentially the channel's lower trendline.
A successful hold above the current support and a break above the descending resistance trendline could see Ethereum targeting $3,000 and beyond. Positive signals from momentum indicators would further confirm a bullish trend continuation.
If Ethereum fails to maintain its position above the current support and falls back into the descending channel, it could retest the lower support zone around $2,150. A further breakdown below this level might open the path towards $2,000 or lower.
Ethereum is showing a potential rebound from key support, but confirmation of a breakout above the descending trendline is needed for a bullish continuation. Keep an eye on momentum indicators and broader market conditions for further clues.
Disclaimer: This analysis is for informational purposes and not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
