$ETH

Ethereum Technical Analysis

1. Technical Analysis:

Trend Analysis: Ethereum (ETH) has been in a strong downtrend, forming lower highs and lower lows. However, recent price action suggests a potential reversal or at least a relief bounce.

Support and Resistance:

Support: ~$1,700 (recent weak low level marked on the chart).

Resistance: ~$2,100 (previous supply zone).

Chart Patterns:

Breakdown from a descending channel, suggesting continued bearish sentiment.

BOS (Break of Structure) confirms trend shifts at key points.

Recent double bottom pattern near $1,700 suggests a potential short-term rebound.

Candlestick Patterns:

The recent green candles with wicks indicate buyers defending the lower levels.

Volume Analysis:

Increasing volume on bullish candles suggests potential buyer interest.

Oscillators:

RSI (Relative Strength Index) may be near the oversold zone, signaling a possible bounce.

MACD might be flattening out, indicating potential bullish divergence.

2. Trade Setup:

Scenario 1: Long Position (If Bullish Confirmation)

Entry: $1,720 - $1,750 (near support)

Take Profit (TP1): $1,950

Take Profit (TP2): $2,100 (major resistance)

Stop Loss: $1,650 (below weak low)

Scenario 2: Short Position (If Price Rejection at Resistance)

Entry: $1,950 - $2,000

Take Profit (TP1): $1,800

Take Profit (TP2): $1,650 (strong support)

Stop Loss: $2,100 (above resistance)

3. Risk Management:

Risk-to-Reward Ratio: Ensure at least a 1:2 risk-to-reward ratio.

Position Sizing: Use a maximum of 2-3% of total capital per trade.

Monitor: Keep an eye on market news and ETH price behavior.

Disclaimer: This is for informational purposes only, not financial advice. Conduct your own research and trade responsibly. 🚀📊

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