The technical analysis for $ETH /USDT based on the weekly chart:
Current Status/
Ethereum ($ETH ) is currently trading at $4,781, showing strong bullish momentum with a nearly 7% gain this week.
It is trading well above its key moving averages, which signals that it has successfully broken out of a long period of consolidation. 🚀
Key Levels
Support: The primary support level is now $4,400. Other strong support zones are at $4,000 and $3,600, which were previously resistance levels. 🛡️
Targets: If the bullish trend continues, the next major targets are:
* $5,200 ✅
* $6,000 ⚡
* $7,500 📈
Trading Strategy
The recommended strategy is to watch the $4,400 support level. As long as the price remains above it, a continued push towards $5,200 is highly probable.
Take Profits: When Ethereum reaches $5,200, consider selling a portion of your position (e.g., one-third) to secure profits. 💰
Ride the Trend: If the momentum stays strong, you can hold the rest of your position to ride the trend toward the higher targets of $6,000 and $7,500.
Risk Management: If the price breaks below $4,400, it could signal a correction. It would be wise to set a stop-loss just below that level to protect your investment. ⚠️
Summary
In short, Ethereum is in a strong bullish phase. It has cleared major resistance levels and appears to be on a clear path to retest the $6,000 price range and beyond.
The $4,400 level is now the key to watch. As long as it holds, the outlook for $ETH remains very positive. 👍
