ETHFI on the weekly timeframe shows a significant bullish breakout after successfully breaking above the long-term descending trendline resistance that had been capping price action for months. This breakout represents a major shift in market structure and suggests the extended downtrend may be ending.
Key Technical Points:
Clean break above descending trendline resistance
Volume appears supportive of the breakout move
Potential Targets:
Initial resistance zone around $4.5 (red shaded area)
Higher targets possible if momentum sustains
Risk Considerations:
Weekly timeframe moves take time to develop
A false breakout could see price return below trendline
Overall crypto market sentiment remains crucial
The breakout setup offers favorable risk-to-reward for longer-term positioning, though traders should monitor for sustained momentum above the trendline to confirm the reversal.
Key Technical Points:
Clean break above descending trendline resistance
Volume appears supportive of the breakout move
Potential Targets:
Initial resistance zone around $4.5 (red shaded area)
Higher targets possible if momentum sustains
Risk Considerations:
Weekly timeframe moves take time to develop
A false breakout could see price return below trendline
Overall crypto market sentiment remains crucial
The breakout setup offers favorable risk-to-reward for longer-term positioning, though traders should monitor for sustained momentum above the trendline to confirm the reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Find top crypto tokens with sector indices, AI-powered sentiment analysis & news summaries.
tokenradar.ai/tv
tokenradar.ai/tv
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.