Hey Binance Square family! š
Ethereum (ETH) is currently trading at $2,494.20, experiencing a slight uptick of 0.56%. This comes amidst a week of significant volatility, with ETH reaching an intraday high of $2,600.58 and a low of $2,480.04.
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š Market Snapshot
Current Price: $2,494.20
24h High / Low: $2,600.58 / $2,480.04
Market Cap: $301.19B
24h Volume: $29.74B
Weekly Change: +42%
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š Technical Analysis
Ethereum's recent surge has been attributed to strong buying momentum, with the price testing the 0% Fibonacci level at $2,624.48. Potential resistance levels are identified at $2,771.40 and $2,896.45. A short squeeze could occur if ETH rises above $2,586, potentially liquidating $786 million in shorts.
Additionally, Ethereum's Seller Exhaustion Constant has jumped to 0.070, suggesting that bears are fatigued and buyers may be ready to take control.
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šÆ Trade Setup
Entry: $2,485
Stop-Loss (SL): $2,300
Take-Profit (TP) Levels:
TP1: $2,600
TP2: $2,770
TP3: $2,900
TP4: $3,000
TP5: $3,373
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š§ Strategy Insights
Momentum Play: The current surge is driven by strong market sentiment and spot market demand.
Volume Confirmation: High trading volumes support the upward movement.
Community Buzz: Ethereum's active community and recent upgrades add to its momentum.
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ā ļø Risk Management
Set Stop-Loss: Protect your capital with a well-placed SL.
Monitor Market: Stay updated with market news and trends.
Avoid Overexposure: Diversify and don't allocate all funds to a single trade.
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š¢ Final Thoughts
Ethereum's recent performance showcases its resilience and potential for further growth. While the market remains volatile, strategic trading with proper risk management can capitalize on these movements.
Happy trading! š
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