Current Price: around $3,450 (varies with the market).
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Daily Chart:
Overall Trend:
The bullish trend has continued since breaking resistance at $2,900, supported by strong trading volume.
Support and Resistance:
First Support: $3,300
Second Support: $3,050 (ascending trend line)
Nearby Resistance: $3,500
Key resistance: $3,750 – if broken sustainably, we may see a rise towards $4,000.
Technical Indicators:
RSI (Relative Strength Index): at 64 – indicates positive momentum but is close to the overbought area.
MACD: shows a positive crossover, supporting the continuation of the bullish trend.
Moving Averages:
Price is above the 50 and 100-day moving averages, reinforcing the positive outlook.
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4 Hour Chart (4H):
Price Action:
ETH has formed an ascending channel on the 4-hour timeframe, with higher highs and higher lows.
Potential Signals:
If there is a rebound from $3,400 upwards, we may see an attempt to break $3,500.
Breaking the ascending trend line below $3,300 may open the door for a correction towards $3,100.
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Potential Scenarios:
Positive Scenario:
A sustained breakout above $3,500 with high trading volume could push ETH towards levels of $3,750 then $4,000.
Negative Scenario:
Breaking $3,300 could lead to a correction towards $3,050 – a strong support area and a potential buying opportunity for speculators.
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Overview:
The overall trend for ETH remains bullish in the short and medium term, but it’s advisable to monitor the upcoming resistance levels carefully, especially with RSI approaching overbought territory.$ETH