Ethereum in the Golden Zone: Bounce or Breakdown?
Ethereum (ETH/USDT) Weekly Analysis:
Trendline Support:
The price has repeatedly found strong support along the upward-sloping trendline, maintaining a bullish market structure.
Key Zones:
Support Zone: The critical support lies between $2,200 and $2,400, aligning with the golden Fibonacci retracement zone (0.618 - 0.786), making it a significant area for potential accumulation.
Resistance Zone: The major resistance lies between $3,900 and $4,100, where the price has previously faced selling pressure.
Outlook:
Bullish Scenario: A bounce from the support zone and trendline could lead to a retest of the resistance at $3,900–$4,100.
Bearish Scenario: A break below the trendline and $2,200 could signal a deeper correction.
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Trendline Support:
The price has repeatedly found strong support along the upward-sloping trendline, maintaining a bullish market structure.
Key Zones:
Support Zone: The critical support lies between $2,200 and $2,400, aligning with the golden Fibonacci retracement zone (0.618 - 0.786), making it a significant area for potential accumulation.
Resistance Zone: The major resistance lies between $3,900 and $4,100, where the price has previously faced selling pressure.
Outlook:
Bullish Scenario: A bounce from the support zone and trendline could lead to a retest of the resistance at $3,900–$4,100.
Bearish Scenario: A break below the trendline and $2,200 could signal a deeper correction.
Please do Like, comment and follow for more insights.
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.
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.