ETH/USDT Price Action Technical Analysishello guys.
let's dive into ETH!
Bullish Engulfing Patterns: Two significant bullish engulfing patterns are highlighted on the chart. These indicate a reversal of previous bearish trends, suggesting bullish momentum.
Quasimodo Levels (QML):
QML1: This support level, around the $2,585 region, was previously tested, and price rejected it, leading to the formation of the first bullish engulfing pattern.
QML2: The second Quasimodo level is marked around $2,600, where the price has recently reacted and is currently finding support after a slight retracement.
Resistance Zone: There's a clear resistance area marked just above the $2,680 level. Price might test this zone if it continues upward momentum.
Key Support Zone: The support area is between $2,585 and $2,600, which has been validated by the market reaction at QML1 and QML2.
Price Action Structure:
After a corrective move down, Ethereum has been showing signs of recovery, with the market forming higher lows.
The price is currently bouncing from the QML2 zone, looking to retest the key resistance at $2,680.
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