📊 Ethereum ($ETH ) Market Analysis last 24 hours📊
🌐 Market Overview 🌐
Ethereum has shown significant volatility over the past 24 hours, presenting exciting opportunities for traders. Let's dive into the key levels and potential trading scenarios based on our market profile analysis.
🔍 Key Levels to Watch 🔍
Initial Balance: (2634.99, 2655.39)Open Range: (2634.99, 2652.88)POC (Point of Control) Price: 2695.35Profile Range: (2640.3, 2723.15)Value Area: (2664.6, 2723.15)
📈 Price Action and Volume 📈
The price of ETH/USDC has ranged from around 2637 to a high of 2725, with notable volume spikes indicating strong market interest. The current price is hovering around 2712.03, near the upper end of the value area.
🎯 Potential Trading Scenarios 🎯
Bullish Breakout:
Entry: Watch for a break above 2723.15 with strong volume.Target: Aim for recent highs or resistance levels above 2725.Stop Loss: Set below the POC at 2695.35.
Bearish Reversal:
Entry: Monitor for a failure to hold above the POC and a drop below 2664.6.Target: Look towards the initial balance lows around 2634.99.Stop Loss: Place above the POC or the upper end of the value area.
Range Trading:
Strategy: Trade within the value area, buying near 2664.6 and selling near 2723.15.Risk Management: Use tight stop losses and take profits at the opposite end of the value area.