$ETH/USDT Price Prediction and Technical Analysis
Analysis:
Current Price: $3,356.80, with a 1.59% increase in the last 24 hours.
Support Level: $3,011.14, which has been a strong point of support, preventing further downside.
Resistance Level: $4,107.80, the previous high and a significant barrier.
Trend Pattern: The price has been forming a descending triangle, indicating a period of consolidation. A breakout from this pattern, either upward or downward, is expected soon.
Moving Average: The price is currently above key moving averages, suggesting a potential continuation of the bullish trend if support holds.
Bullish Case: A breakout above the upper trendline of the descending triangle could push ETH towards the resistance level at $4,107.80. If the breakout is strong, ETH may extend towards $4,500–$4,700 in the medium term.
Bearish Case: A failure to hold the support at $3,011.14 would result in a breakdown, potentially testing the next support levels around $2,615.63 or $2,310.00.
ETH is showing strong bullish potential, but the outcome depends on the breakout direction from the descending triangle. Watch for a breakout above $3,511 to confirm the next upward leg. A drop below $3,011 will signal a bearish correction.
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