Ethereum Analysis (4H Chart)
Ethereum is currently trading around $2,645 and has faced rejection at the $2,747 resistance level, as indicated by the red arrow on the chart. The price is now retracing towards the $2,582 support zone (highlighted in blue), where a potential bounce could occur.
Key Observations:
Resistance Level: $2,747 remains a strong resistance zone, and further attempts to break above this level have failed.
Support Zone: The support area around $2,582 could serve as a cushion for price, where a possible rebound might push ETH/USDT back toward resistance.
Pattern Formation: There seems to be a possible double-top pattern forming, which typically signals a bearish reversal, but the price might find support and retrace back upwards as indicated by the red arrow.
Trading Plan:
BUY ZONE: $2,582 - $2,600 if price holds the support zone for a potential bounce back toward the $2,700s.
SELL ZONE: Below $2,582 if the support fails, targeting $2,496.
Always remember to set proper Stop Loss and Take Profit levels to manage risk effectively.
Key Observations:
Resistance Level: $2,747 remains a strong resistance zone, and further attempts to break above this level have failed.
Support Zone: The support area around $2,582 could serve as a cushion for price, where a possible rebound might push ETH/USDT back toward resistance.
Pattern Formation: There seems to be a possible double-top pattern forming, which typically signals a bearish reversal, but the price might find support and retrace back upwards as indicated by the red arrow.
Trading Plan:
BUY ZONE: $2,582 - $2,600 if price holds the support zone for a potential bounce back toward the $2,700s.
SELL ZONE: Below $2,582 if the support fails, targeting $2,496.
Always remember to set proper Stop Loss and Take Profit levels to manage risk effectively.
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