Alright team, let's break down this juicy ETH chart and see what's cooking. The daily timeframe is flashing extremely strong bullish signals, suggesting the correction phase is likely over.
### Technical Analysis
We are looking at the successful completion of a major bullish reversal structure (a deep 'W' formation) following the recent price dip. The chart shows ETH finding solid footing near the $3,944 zone. This reversal confirms accumulation is underway.
The crucial support and invalidation level for this structure lies at $3,345.69. As long as we hold above this zone, the primary target remains the swing high resistance at $4,963.73, aiming for $5,000.
### Fundamental Analysis
Fundamentally, Ethereum is in a prime position. Institutional anticipation is soaring following major developments regarding Spot ETH ETF applications in the US and Hong Kong, which could unlock billions in capital flows. Additionally, the network's scalability continues to improve through successful L2 updates, keeping ETH the dominant platform for DeFi and Web3.
### Action Plan
This technical setup offers a high-probability trade opportunity for both spot and leveraged positions. Maintain your holdings, keeping a tight stop below the critical $3,345 support. Confirmation of strength will come with a decisive daily close above $4,100, paving the way for the $5,000 target.
Highly recommend HOLD and Stacking ETH at Binance
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