Ethereum Testing Key Trendline
Ethereum is currently testing an ascending trendline marked by the gray line, which has repeatedly acted as a significant rebound area (indicated by the dark blue arrows). Historically, whenever the price tests this trendline, ETH tends to bounce upward, suggesting that a rebound scenario remains possible as long as the price holds above this area.
If a breakout below the trendline occurs, the horizontal support area around $2,100 - $2,200 (highlighted by the light blue arrows) will serve as a potential accumulation zone.
In a bullish scenario, the nearest target is around $4,000, which acts as a key resistance level and a pullback area based on previous repeating patterns (marked by the red arrows).
Currently, the confirmation of the next direction still depends on how the price reacts to the gray trendline. If ETH manages to hold this level and forms a bullish signal, the probability of a rally toward the next resistance increases. However, if a breakdown occurs, the next support level will be monitored as a potential reversal zone before ETH can resume its bullish trend.
If a breakout below the trendline occurs, the horizontal support area around $2,100 - $2,200 (highlighted by the light blue arrows) will serve as a potential accumulation zone.
In a bullish scenario, the nearest target is around $4,000, which acts as a key resistance level and a pullback area based on previous repeating patterns (marked by the red arrows).
Currently, the confirmation of the next direction still depends on how the price reacts to the gray trendline. If ETH manages to hold this level and forms a bullish signal, the probability of a rally toward the next resistance increases. However, if a breakdown occurs, the next support level will be monitored as a potential reversal zone before ETH can resume its bullish trend.
Trendline, Bollinger Bands, and Chart Pattern Analysis. Mid-Long Term Strategy. No courses or premium signals provided. Open for collabs or free analysis requests - feel free to DM.
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.
Trendline, Bollinger Bands, and Chart Pattern Analysis. Mid-Long Term Strategy. No courses or premium signals provided. Open for collabs or free analysis requests - feel free to DM.
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.