Ethereum (ETH) is showing strong bullish momentum, trading at $2344.96 with a 21.12% increase recently. Here's a breakdown of potential targets and strategies:
Potential Targets:
- Short-term Targets:
- First Target: $2378 (24-hour high)
- Second Target: $2400 (psychological resistance)
- Intermediate Targets:
- $2500
- $2550 (potential resistance level after reclaiming $2200-$2250 range)
- Long-term Goal:
- $3000
Entry Strategy:
Consider entering long positions around $2350-$2360 on minor pullbacks, with a potential stop loss at $2330, below the recent local low and key support area.
Market Analysis:
Ethereum's recent surge is attributed to the US-UK trade agreement and increased buying pressure. On-chain data shows a decline in Ethereum's exchange reserve, indicating rising buying pressure. Institutions and whales are accumulating ETH, with Abraxas Capital buying 49,644 ETH recently .
Keep an eye on key resistance levels and adjust strategies accordingly. The Relative Strength Index (RSI) and Stochastic Oscillator are in the overbought region, signaling potential short-term corrections .#TradeOfTheWeek
