ETH/USDT Chart Analysis (1H Timeframe)
From the chart, Ethereum (ETH/USDT) is currently trading at $2,665.02 with a 24h high of $2,698.00 and a 24h low of $2,587.05. There is an uptrend forming, but some resistance is visible.
Key Levels to Consider:
Resistance: $2,698.00 (Recent high)
Support: $2,644.45 (Local support)
Major Support: $2,560.68 (Recent swing low)
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Trade Setup:
1️⃣ Long Entry (Buy Trade)
Entry: $2,665 (Current price, or wait for a minor dip near $2,644)
Stop-Loss: $2,615 (Below support at $2,614.23)
Target 1: $2,698 (Previous high)
Target 2: $2,720+ (Breakout level)
Risk-Reward Ratio: ~1:2
Reason: The price is in an uptrend with strong buying momentum. If it holds above $2,644, it may retest the $2,698 resistance and possibly break out.
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2️⃣ Short Entry (Sell Trade if Rejection at Resistance)
Entry: $2,690–2,698 (If price struggles to break resistance)
Stop-Loss: $2,710 (Above resistance to avoid fake breakouts)
Target 1: $2,644 (Support level)
Target 2: $2,600 (Major support)
Risk-Reward Ratio: ~1:2
Reason: If the price gets rejected at $2,698, it may retrace to lower support levels. Confirmation of a rejection (red candles, wicks at the top) is necessary before entering.
