ETHUSDT should buy or sell ?
Updated
Market Overview:
The ETH/USDT pair is showing signs of strength after breaking the resistance level at $2,644. The recent cup-and-handle pattern, highlighted in red, suggests a bullish reversal pattern. The market has tested the resistance zone around $2,679.98 multiple times (as indicated by the red arrows), implying that the market is gradually gaining momentum.
Key Technical Points:
Support Zone: The green zone around $2,615.95 - $2,626.25 represents a key support level, acting as a buffer where buying interest might emerge.
Resistance Zone: The next major resistance sits at $2,679.98, as indicated by the orange rectangle. A break above this level could trigger further upside momentum.
News Catalysts:
U.S. Bond Yields: A decline in U.S. bond yields and a weakening USD could support further upside movement in Ethereum, aligning with the technical picture.
Macro Events: Any easing from the Federal Reserve or signs of slowing inflation might also act as a tailwind for the broader crypto market, potentially boosting Ethereum prices.
Trading Strategy:
Bullish Scenario:
Entry: Consider entering a long position if the price breaks and holds above $2,679.98 (highlighted by the orange zone).
Target: Set a profit target around $2,740, where the next potential resistance could appear.
Stop Loss: Place a stop loss below the green support zone ($2,615.95), ensuring risk management in case of a market reversal.
This strategy hinges on the assumption of continued bullish momentum, reinforced by both technical patterns and favorable macroeconomic conditions.
The ETH/USDT pair is showing signs of strength after breaking the resistance level at $2,644. The recent cup-and-handle pattern, highlighted in red, suggests a bullish reversal pattern. The market has tested the resistance zone around $2,679.98 multiple times (as indicated by the red arrows), implying that the market is gradually gaining momentum.
Key Technical Points:
Support Zone: The green zone around $2,615.95 - $2,626.25 represents a key support level, acting as a buffer where buying interest might emerge.
Resistance Zone: The next major resistance sits at $2,679.98, as indicated by the orange rectangle. A break above this level could trigger further upside momentum.
News Catalysts:
U.S. Bond Yields: A decline in U.S. bond yields and a weakening USD could support further upside movement in Ethereum, aligning with the technical picture.
Macro Events: Any easing from the Federal Reserve or signs of slowing inflation might also act as a tailwind for the broader crypto market, potentially boosting Ethereum prices.
Trading Strategy:
Bullish Scenario:
Entry: Consider entering a long position if the price breaks and holds above $2,679.98 (highlighted by the orange zone).
Target: Set a profit target around $2,740, where the next potential resistance could appear.
Stop Loss: Place a stop loss below the green support zone ($2,615.95), ensuring risk management in case of a market reversal.
This strategy hinges on the assumption of continued bullish momentum, reinforced by both technical patterns and favorable macroeconomic conditions.
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