#ETH🔥🔥🔥🔥 Ethereum has managed to break above the $3,500 resistance level and may eventually gain enough momentum to break above $4,000 in the future. Unfortunately, however, the second-largest asset in the market will have to face strong resistance at the 50 EMA. Ethereum has shown clear bullish momentum, breaking above an important resistance level and is currently trading at $3,470.80. The price action shows that ETH has found strong support, while the confluence of important moving averages further supports the bullish trend.
With the recent surge, ETH has broken above the 50 EMA at $3,312.70, paving the way for a possible rush to the next major resistance level at $3,467. The price of Ethereum has been rising steadily since hitting a low of $3,265, as shown on the daily chart. As the RSI is currently at 76.81, there is still a chance for the price to rise before the asset becomes overbought.
Day trading strategy
Long strategy:
Entry point: If ETH breaks through the 24-hour high of $3,497.74, you can consider buying around $3,500, with the target, the first price of $3,650
The third target is $4,000.
Stop loss point: Set below $3,400 to prevent an unexpected decline in the market.
Short strategy:
Entry point: If ETH fails to break through $3,500 and falls back below the middle track of the Bollinger Band ($3,390.82), you can consider selling around $3,390, with a target price of $3,300.
Stop loss point: Set above $3,500 to prevent a market reversal.
Personal opinions are for reference only. Pay close attention to the RSI indicator. If the RSI continues to be in the overbought range, the market may experience a pullback.
Pay attention to changes in trading volume. An increase in trading volume may indicate a continuation of the market trend, while a decrease in trading volume may indicate a weakening trend.
It is recommended to conduct intraday trading according to the above strategies, flexibly adjust positions, and stop profits and losses in time
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