$ETH

Trading Strategy for ETH/USDT Based on Technical Analysis

Technical Analysis

Trend Analysis & Chart Patterns

Overall Trend: ETH/USDT is in a downtrend, trading below the Ichimoku Cloud, showing bearish momentum.

Resistance Levels:

$2,000 - $2,100: Strong resistance where price has previously rejected.

Support Levels:

$1,750 - $1,800: Key support level, previous lows.

If broken, next support at $1,600.

Candlestick & Volume Analysis

Recent Candlestick Patterns:

Multiple small-bodied candles, indicating indecision.

Wick rejections around $1,750 suggest buying interest.

Volume Analysis:

Recent volume spike on support level suggests accumulation.

Oscillators & Indicators

RSI: 38, nearing oversold levels (Potential Reversal Zone).

BIAS Indicator: Showing increasing bullish divergence, hinting at a potential bounce.

Bollinger Bands: Price at the lower band, indicating possible reversion.

Trading Plan

➡️ Long Position (Bullish Scenario)

Entry: $1,750 - $1,800

Stop Loss: Below $1,690

Take Profit Targets:

TP1: $1,950

TP2: $2,100

⬇️ Short Position (Bearish Scenario)

Entry: Below $1,750 (Confirmed Breakdown)

Stop Loss: Above $1,800

Take Profit Targets:

TP1: $1,600

TP2: $1,500

Disclaimer: This is for informational purposes only, not financial advice. Conduct your own research and trade responsibly. 🚀📊