Currently, the price of Ethereum (ETH) is $3,712.92. Below is an analysis of support and resistance levels and a suggested futures trading strategy for ETH:
Support and Resistance Levels:
• Support:
• $3,500: A strong support level where the ETH price has bounced multiple times in the past, indicating significant buying interest in this area.
• $3,200: The next support level identified by previous technical analysis.
• Resistance:
• $3,800: The nearest resistance level; breaking through this level could pave the way for a continued upward trend.
• $4,000: An important psychological resistance level; if broken, ETH could reach new highs.
Futures Trading Strategy:
• Long Position:
• Buy in the price range of $3,500 – $3,600: This area is close to the strong support level and can provide a safe entry point with growth potential.
• Take Profit: Set a take profit target at $3,800, corresponding to the nearest resistance level.
• Stop Loss: Set a stop loss order below $3,500 to limit risk if the price drops below the support level.
• Short Position:
• Sell at the price range of $3,800 – $3,900: If the price approaches this resistance level and shows signs of reversal, this can be a reasonable short entry point.
• Take Profit: Set a take profit target at $3,500, corresponding to the strong support level.
• Stop Loss: Set a stop loss order above $3,900 to limit risk if the price continues to rise above resistance.