On the 2-hour ETH/USD chart, a potential bullish structure is forming. The current price is around $1,595, sitting just above a key support zone at $1,588.
After a period of consolidation, Ethereum appears poised for a breakout that could lead to a move towards the $2,000-$2,050 range.
Trade Setup:
Entry Zone: $1,590 - $1,600
Stop Loss: $1,547 (below key support level)
Target: $2,000 - $2,050
Risk to Reward Ratio: Approx. 1:3+
Analysis:
ETH previously experienced a strong correction but is now forming higher lows, suggesting a potential trend reversal. If the current support holds, we could see a solid bullish push.
Additionally, indicators like MACD and RSI are showing early signs of bullish divergence, supporting the case for upside momentum.
Disclaimer:
This is an educational idea and not financial advice. Always do your own research and use proper risk management.
Trend Analysis
