Current Price and RSI Analysis

Ethereum's current price is around $3,466.35, with a recent percent change of -0.78%. The RSI has broken out of a downtrend that persisted since March 2024, marking a pivotal shift in market momentum. This breakout, combined with Ethereum reclaiming the $2,500 support level and closing above the 21-week simple smoothed moving average (SSMA), signals renewed bullish momentum

Pivot Point Analysis:

To calculate pivot points, we use the previous day's high, low, and closing prices. The formulas are as follows

- *Pivot Point (PP)*: (High + Low + Close) / 3

- *Support 1 (S1)*: (2 x PP) - High

- *Resistance 1 (R1)*: (2 x PP) - Low

Given the current prices, let's assume the previous day's high was $3,518.00, low was $3,354.28, and close was $3,493.45 (previous close price). We can calculate the pivot point and support/resistance levels:

- *Pivot Point (PP)*: ($3,518.00 + $3,354.28 + $3,493.45) / 3 = $3,455.24

- *Support 1 (S1)*: (2 x $3,455.24) - $3,518.00 = $3,392.48

- *Resistance 1 (R1)*: (2 x $3,455.24) - $3,354.28 = $3,556.20

*Buy Decision:*

Based on the RSI breakout and pivot point analysis, it seems like Ethereum is showing signs of a potential bullish trend reversal. The RSI breakout above the downtrend line and the 50-level threshold indicates growing investor confidence and buying pressure. Additionally, Ethereum's price closing above the 21-week SSMA and reclaiming the $2,500 support level reinforces the bullish narrative

Considering these factors, buying Ethereum near the current price of $3,466.35 might be a good opportunity, with potential targets at $4,000. However, it's essential to monitor the resistance levels, particularly the $3,556.20 R1 level, and adjust your strategy accordingly.

*Key Levels to Watch:*

- *Support Levels:* $3,392.48 (S1), $2,500

- *Resistance Levels:* $3,556.20 (R1), $4,000

Keep in mind that trading decisions should be based on thorough analysis and risk management strategies. Always consider multiple sources and stay up-to-date with market trends before making investment decisions.