Ethereum returned back to the support zone after the rejection from the Resistance Zone (All-Time High Area). Price just wicked below the support but unable to close below it, which is a good sign. Currently, ETH again trying to break below it. If the price give close below Candle, then we may see a dip to $3550 - $3650.
ETHUSDT Technical Analysis Update
ETHUSDT currently trading at $4100
Major resistance trend line breakout in day chart. price can consolidate at 4000- 4400 level before making new ATH.
Long Entry level: $3900 - $4100
TP 1 : $5000
TP 2 : $6000
TP 3 : $7500
TP 4: $10,000
Stop loss: $3000
Max leverage : 2x or buy it on spot market
ETH is moving in an uptrend on both HTF and LTF creating higher highs and higher lows. All indicators are showing bullish signs as MACD lines are preparing to cross and become bullish, RSI is over 50% and price is back above EMA ribbon. We shouldn't see any major rejection on the 8h supply as this order block has been mitigated. Expect a new ATH as soon as we...
Ether may face a severe barrier at its highest level at $ 4369, which is parallel to the middle boundary of this channel
Given the strength of these two important models, any reduction in the price of ether, even in the event of high sales pressure, will not be significant
If the ether price can not stay above the support levels, the bullish outlook...
Price is moving in an uptrend respecting perfectly the support line while also ranging in an ascending channel on HTF. MACD is not showing clear indications, RSI is slightly above 50% and price is sitting on EMA's. Price should be able to break the previous high at $4,375 and close above the 8h supply zone in order to keep pushing up all the way to a new ATH.
ETHUSD chart patterns analysis.
As shown in the chart we are forming a head and shoulder pattern on hourly timeframe with a strong support supporting us from 13th of october till today so it is more likely that we breakout above the neckline around 4150
Despite the correction, ETH remained in the channel and did not drop below the support line. Moreover, a bullish signal for H4 was formed on the last candlestick. Expect ETH to recover to 4500 and move higher in the next few days.