📊 Trend structure (Price Action)
Downtrend (historical):
A series of Lower Highs (LH) and Lower Lows (LL) — a classic downtrend.
Confirmed by the orange downtrend line.
A change in structure — a possible beginning of an uptrend:
A Higher Low (HL) has recently been formed after a Lower Low (LL).
Suggests a possible end to the downtrend and an attempt to break out upwards.
Currently:
The price is testing the upper downtrend line.
A breakout above the orange line may confirm a trend change.
🟢 Key Resistance Levels (Green Lines):
Level Meaning
3.058 USDT Potential target after a breakout from consolidation
2.767 USDT Nearest strong resistance - currently being tested
3.427 USDT Deep resistance level from the previous high (HH)
🔴 Key Support Levels (Red Lines):
Level Meaning
2.234 USDT Nearest support - previous breakout
1.883 USDT Early 2023 support
1.507 USDT Local bottom
1.204 USDT Historical support - LL extreme
📉 Stochastic RSI (Momentum Indicator):
Currently in the overbought zone.
This may suggest a short-term correction before an actual breakout.
However, in a strong uptrend, the indicator may "hang out" in the overbought zone for a long time.
📈 Potential scenario:
If the breakout above 2.767 and the orange trendline holds:
A possible move to 3.058 USDT as the first target.
Extended target: 3.427 USDT (HH).
If the breakout fails:
Correction to 2.234 USDT or lower.
There is a risk of returning to a downtrend.
✅ Bullish signals:
Higher Low (HL) formation after Lower Low (LL).
Testing the upper downtrend line with an attempt to breakout.
Volume is increasing (based on candles).
⚠️ Bearish threats:
Stochastic RSI in the overbought zone.
Breakout not confirmed by 100% (needs a weekly closing candle above 2.767).
Resistance at 3,058 could halt the move.
📌 Conclusion:
Ethereum (ETH) could be on the cusp of a new uptrend, but a breakout above 2,767 USDT is needed for confirmation. If it does, a move to 3,058 and then 3,427 is possible. However, the current overbought level on the Stochastic RSI could signal a short-term correction before the trend gains strength.
Downtrend (historical):
A series of Lower Highs (LH) and Lower Lows (LL) — a classic downtrend.
Confirmed by the orange downtrend line.
A change in structure — a possible beginning of an uptrend:
A Higher Low (HL) has recently been formed after a Lower Low (LL).
Suggests a possible end to the downtrend and an attempt to break out upwards.
Currently:
The price is testing the upper downtrend line.
A breakout above the orange line may confirm a trend change.
🟢 Key Resistance Levels (Green Lines):
Level Meaning
3.058 USDT Potential target after a breakout from consolidation
2.767 USDT Nearest strong resistance - currently being tested
3.427 USDT Deep resistance level from the previous high (HH)
🔴 Key Support Levels (Red Lines):
Level Meaning
2.234 USDT Nearest support - previous breakout
1.883 USDT Early 2023 support
1.507 USDT Local bottom
1.204 USDT Historical support - LL extreme
📉 Stochastic RSI (Momentum Indicator):
Currently in the overbought zone.
This may suggest a short-term correction before an actual breakout.
However, in a strong uptrend, the indicator may "hang out" in the overbought zone for a long time.
📈 Potential scenario:
If the breakout above 2.767 and the orange trendline holds:
A possible move to 3.058 USDT as the first target.
Extended target: 3.427 USDT (HH).
If the breakout fails:
Correction to 2.234 USDT or lower.
There is a risk of returning to a downtrend.
✅ Bullish signals:
Higher Low (HL) formation after Lower Low (LL).
Testing the upper downtrend line with an attempt to breakout.
Volume is increasing (based on candles).
⚠️ Bearish threats:
Stochastic RSI in the overbought zone.
Breakout not confirmed by 100% (needs a weekly closing candle above 2.767).
Resistance at 3,058 could halt the move.
📌 Conclusion:
Ethereum (ETH) could be on the cusp of a new uptrend, but a breakout above 2,767 USDT is needed for confirmation. If it does, a move to 3,058 and then 3,427 is possible. However, the current overbought level on the Stochastic RSI could signal a short-term correction before the trend gains strength.
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.