ETH/USDT Long Update:
The chart depicts a descending channel, with ETH/USDT currently trading near the lower boundary of the channel, which has historically acted as a support level.
ETH is approaching a key horizontal support zone around $2,100-$2,200, where buyers may look for entry opportunities.
The major support zone lies between $2,100 and $2,200, as highlighted on the chart. This level aligns with the lower trendline of the broader ascending trend from the past year, suggesting a confluence of support.
Immediate resistance is located between $2,800 and $3,000. A further resistance zone is identified around the $4,000-$4,600 range, which corresponds to a previous major supply area.
The chart suggests a bullish scenario where ETH could initially rebound from the current support area, targeting the $2,800-$3,000 resistance zone.
A breakout above the descending channel and subsequent resistance zone would indicate a stronger bullish continuation, potentially targeting the higher resistance at $4,000-$4,600.
The presence of the large upward arrow on the chart reflects optimism for a bullish bounce within the identified zones.
Continuation of the broader uptrend depends on maintaining support levels and breaking through key resistance zones with momentum.
This update suggests a cautiously optimistic outlook for ETH/USDT with clear levels to watch for bullish confirmation and risk management considerations. Keeping an eye on volume and price action around these critical zones will be crucial for confirming the next major move.
Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!
ETH is approaching a key horizontal support zone around $2,100-$2,200, where buyers may look for entry opportunities.
The major support zone lies between $2,100 and $2,200, as highlighted on the chart. This level aligns with the lower trendline of the broader ascending trend from the past year, suggesting a confluence of support.
Immediate resistance is located between $2,800 and $3,000. A further resistance zone is identified around the $4,000-$4,600 range, which corresponds to a previous major supply area.
The chart suggests a bullish scenario where ETH could initially rebound from the current support area, targeting the $2,800-$3,000 resistance zone.
A breakout above the descending channel and subsequent resistance zone would indicate a stronger bullish continuation, potentially targeting the higher resistance at $4,000-$4,600.
The presence of the large upward arrow on the chart reflects optimism for a bullish bounce within the identified zones.
Continuation of the broader uptrend depends on maintaining support levels and breaking through key resistance zones with momentum.
This update suggests a cautiously optimistic outlook for ETH/USDT with clear levels to watch for bullish confirmation and risk management considerations. Keeping an eye on volume and price action around these critical zones will be crucial for confirming the next major move.
Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!
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