#Ethereum #ETHUSD #USD #ETH Trend

The current market trend based on the visible price action is an uptrend, as seen by the higher highs and higher lows preceding the recent pullback. The price has bounced back after touching a support level between 2340 and 2360. The resistance level appears around 2420 where previous highs are noted.

Indicators

- **Stochastic RSI**: The Stochastic RSI shows a downward cross, which can indicate a short-term bearish signal.

- **MACD**: The MACD is above the signal line with green histograms, indicating bullish momentum, but there are signs of a potential weakening as the histogram is declining.

Candlestick and Price Patterns

Currently, a bullish engulfing pattern seems to be forming on the recent candles, which may signal a continuation of the uptrend. There is also a recent pullback from the resistance level, which could indicate a short-term consolidation.

Signals

While the MACD is showing bullish momentum, the declining histogram and downward Stochastic RSI cross suggest caution. Currently, there is conflicting information with short-term bearish signals from Stochastic RSI and potential bullish continuation indicated by price patterns.

+ 1,900 points

Bouncing Bull

The strategy involves capitalizing on the recent bounce back from the support level around 2360. The current candlestick pattern indicates potential bullish continuation, which can result in a successful upward movement if the price breaks through the nearby resistance.

Stop Loss

2,380.00

Take Profit

2,410.00

Buy

2,391.00