BINANCE:ETHUSD is testing a strong liquidity area after a false breakdown of the support zone formed on the background of Powell's speech. The 3980-4000 area plays an important role before further rise or correction.
A candle with a long enough shadow is forming on W1, indicating active buying interest in the market, which actively restrains the price from falling. The global ATH has not yet been reached, indicating that the upside to an important target is still ahead. The market has the potential for another 30-40%. At the moment, the cryptocurrency community's eyes are focused on the halving of BTC, which is expected in April and the approval of spot ETH-ETFs, but the SEC continues to reject incoming applications. These are quite important levers that can favorably affect both individual coins and the entire cryptocurrency market.
Resistance levels: 3983.65. Support levels: ascending lines, 3200, 3064
Technically, from 3983 may be followed by a correction to support to accumulate potential before further growth. A price retest of resistance would indicate the readiness of the coin to break the zone and further rise to the resistance of the range
False break of resistance activates the correction phase
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The scenario works 100%
Correction from 3983 resistance followed by a retest of ascending support.
A test of support leads to a further bounce, and a quick retest of 3983 resistance causes the resistance area to break down.
A consolidation above the level is formed. Most likely the market will try to strengthen the growth with the aim to reach the upper boundary of the range (4000)
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Level retest after breakout
Trade active
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Rebound from support and the price is testing the key resistance again. Consolidation of the price above 3580 will form a favorable potential for further growth
@RLinda, I would agree with support in the range of 3200 to 3350. I am thinking to start buying in parts if it start falling below 3200 to accumulate as long term I am bullish on ETH. what's your view.
vheydari
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Thanks a lot Linda, I’m a bit confused! Is 3200 the correction target or 3400?