#ETHProspects
Technically, the ETH/USD chart analysis on the 4-hour time frame shows a clear bullish trend since the break of the previous descending channel. Waves (A), (B) and (C) have been identified, as these waves show a corrective movement followed by a strong rise. The price is currently trading at the $3,912.88 level, approaching a strong resistance between $4,000 and $4,200. The main support is located at the $3,200-3,400 level, which is an important level to determine the price direction in case of any decline.
Forecast:
Bullish scenario: If the price manages to break the $4,200 level, we may witness a continuation of the rise towards the $4,500-5,000 levels.
Downward Scenario: If the price is rejected at $4,000-4,200, the pullback may target support at $3,400-3,200.
Recommendations:
Watch the price action at $4,000-4,200 to confirm the breakout or bounce.
Buy trades are safe after the breakout is confirmed with targets at $4,500 and above.
Place a stop loss at levels near the $3,400 support to preserve capital in case of a reversal.
