Hi there, let's take a look at ETHUSDT.
📱 Technical Overview:
- *Current Price: Approximately 4285, approaching a significant resistance zone.
- *Resistance Level: Near 4348, which has historically acted as a resistance level where price struggles to break through.
- *Support Zones: Identified around key Fibonacci retracement levels as follows:
- 0.236 at 4046
- 0.382 at 3859
- 0.5 at 3707
- 0.618 at 3556
- 0.786 at 3340
🎙️ Outlook:
- The price is consolidating near resistance right now, suggesting a potential bullish breakout or a rejection leading to a pullback due to the pin-bar price rejection.
- Fibonacci retracement levels indicate critical support zones, where price may find stability in those areas if a drop in prices occurs.
- Prior to starting an upward trend again, I anticipate a potential decline towards the support at about 3800.
- The projected targets (TP1 and TP2) suggest a bullish scenario where, following a retracement, Ethereum could rally towards 4890.
🧩 # Potential Scenarios:
1. *Bullish Breakout: If ETH manages to clear the resistance at 4348 with strong volume, then a rally towards higher targets could occur.
2. *Pullback and Rebound: If the resistance holds, then we can anticipate a drop to support levels near 3857 or 3556. A strong bounce from these levels could set the stage for future upward moves.
3. *Failure to Hold Support: A break below support zones could lead to deeper corrections; thus, it will need monitoring.
Happy Trading
Khiwe.
Not trading advice.
📱 Technical Overview:
- *Current Price: Approximately 4285, approaching a significant resistance zone.
- *Resistance Level: Near 4348, which has historically acted as a resistance level where price struggles to break through.
- *Support Zones: Identified around key Fibonacci retracement levels as follows:
- 0.236 at 4046
- 0.382 at 3859
- 0.5 at 3707
- 0.618 at 3556
- 0.786 at 3340
🎙️ Outlook:
- The price is consolidating near resistance right now, suggesting a potential bullish breakout or a rejection leading to a pullback due to the pin-bar price rejection.
- Fibonacci retracement levels indicate critical support zones, where price may find stability in those areas if a drop in prices occurs.
- Prior to starting an upward trend again, I anticipate a potential decline towards the support at about 3800.
- The projected targets (TP1 and TP2) suggest a bullish scenario where, following a retracement, Ethereum could rally towards 4890.
🧩 # Potential Scenarios:
1. *Bullish Breakout: If ETH manages to clear the resistance at 4348 with strong volume, then a rally towards higher targets could occur.
2. *Pullback and Rebound: If the resistance holds, then we can anticipate a drop to support levels near 3857 or 3556. A strong bounce from these levels could set the stage for future upward moves.
3. *Failure to Hold Support: A break below support zones could lead to deeper corrections; thus, it will need monitoring.
Happy Trading
Khiwe.
Not trading advice.
Order cancelled
Scenario 1 happened. 
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.