Ethereum is maintaining a strong bullish structure within a clearly defined ascending channel. Recent price action shows a successful retest of the lower channel boundary and the horizontal support zone around 2477 – 2450.
🔹 Support & Trendline Confluence:
The support zone at 2477–2450 is aligned with the lower boundary of the rising channel.
Multiple successful retests of this trendline indicate strong demand in this area.
🔹 Bullish Scenario:
As long as the 2477–2450 support zone holds, ETH/USD has a good chance to resume its upward move.
The next target for bulls is the 161.8% Fibonacci extension level at 2997.24, which coincides with the upper channel boundary.
📌 Plan:
Long positions are favored as long as price holds above 2450.
Targeting 2997, with intermediate steps of confirming higher lows.
📉 Invalidation:
A break and daily close below 2450 would invalidate this bullish scenario and suggest further downside.
This is a classic “buy-the-dip” scenario within an established uptrend, offering a favorable risk/reward opportunity.
🔹 Support & Trendline Confluence:
The support zone at 2477–2450 is aligned with the lower boundary of the rising channel.
Multiple successful retests of this trendline indicate strong demand in this area.
🔹 Bullish Scenario:
As long as the 2477–2450 support zone holds, ETH/USD has a good chance to resume its upward move.
The next target for bulls is the 161.8% Fibonacci extension level at 2997.24, which coincides with the upper channel boundary.
📌 Plan:
Long positions are favored as long as price holds above 2450.
Targeting 2997, with intermediate steps of confirming higher lows.
📉 Invalidation:
A break and daily close below 2450 would invalidate this bullish scenario and suggest further downside.
This is a classic “buy-the-dip” scenario within an established uptrend, offering a favorable risk/reward opportunity.
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.
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.