The chart shows **ETH/USD (Ethereum to USD)** on the **4H timeframe**, forming a **rising channel** pattern. Here's a breakdown of the analysis:
---
### 🔍 **Pattern Identified**
* **Rising Channel** (also known as an ascending channel):
* **Upper Resistance Line:** Price is currently testing this line.
* **Lower Support Line:** Held multiple times, confirming structure.
---
### 📈 **Current Price Action**
* **Price:** \~\$2,796.7
* ETH is **at the top of the channel**, facing strong **resistance**.
* Recent move was sharp and bullish, indicating momentum.
---
### ⚠️ **Possible Scenarios**
#### ✅ **Bullish Breakout (Less Common in Channels)**
* If price **breaks above** and **closes convincingly above the channel**, especially with high volume:
* Target zones: \$2,900 → \$3,000 → \$3,200.
* Look for **bullish continuation setups** on lower timeframes.
#### ❌ **Rejection from Resistance (More Likely)**
* If price **rejects the top** of the channel:
* Expect a pullback toward the **mid-line** or **lower support** (\~\$2,550 to \$2,400).
* This would offer a potential **buy-the-dip** opportunity.
---
### 📉 **Bearish Confirmation**
* A **breakdown below the lower trendline** (\~\$2,400):
* Invalidates the channel.
* Could trigger deeper correction toward \$2,200 and below.
---
### 📊 **Strategy Suggestions**
#### If Trading the Range:
* **Sell/Short** near top of channel (\~\$2,800), SL above channel.
* **Buy/Long** near bottom of channel (\~\$2,400), SL below channel.
#### If Anticipating Breakout:
* **Wait for retest** after breakout and enter on confirmation.
* Use trailing stops to manage risk.
---
### 🧠 Summary
| Bias | Direction | Reason |
| ------- | ------------- | ------------------------------------------- |
| Neutral | Ranging | Still inside the channel |
| Bullish | Above \$2,850 | Breakout with volume can fuel momentum |
| Bearish | Below \$2,400 | Breakdown from channel means trend reversal |
---
### 🔍 **Pattern Identified**
* **Rising Channel** (also known as an ascending channel):
* **Upper Resistance Line:** Price is currently testing this line.
* **Lower Support Line:** Held multiple times, confirming structure.
---
### 📈 **Current Price Action**
* **Price:** \~\$2,796.7
* ETH is **at the top of the channel**, facing strong **resistance**.
* Recent move was sharp and bullish, indicating momentum.
---
### ⚠️ **Possible Scenarios**
#### ✅ **Bullish Breakout (Less Common in Channels)**
* If price **breaks above** and **closes convincingly above the channel**, especially with high volume:
* Target zones: \$2,900 → \$3,000 → \$3,200.
* Look for **bullish continuation setups** on lower timeframes.
#### ❌ **Rejection from Resistance (More Likely)**
* If price **rejects the top** of the channel:
* Expect a pullback toward the **mid-line** or **lower support** (\~\$2,550 to \$2,400).
* This would offer a potential **buy-the-dip** opportunity.
---
### 📉 **Bearish Confirmation**
* A **breakdown below the lower trendline** (\~\$2,400):
* Invalidates the channel.
* Could trigger deeper correction toward \$2,200 and below.
---
### 📊 **Strategy Suggestions**
#### If Trading the Range:
* **Sell/Short** near top of channel (\~\$2,800), SL above channel.
* **Buy/Long** near bottom of channel (\~\$2,400), SL below channel.
#### If Anticipating Breakout:
* **Wait for retest** after breakout and enter on confirmation.
* Use trailing stops to manage risk.
---
### 🧠 Summary
| Bias | Direction | Reason |
| ------- | ------------- | ------------------------------------------- |
| Neutral | Ranging | Still inside the channel |
| Bullish | Above \$2,850 | Breakout with volume can fuel momentum |
| Bearish | Below \$2,400 | Breakdown from channel means trend reversal |
Trade closed: target reached
Closing eth short here
i hope you all made good money.
will re enter if it breaks down
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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.
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.