$ETH : Eyeing an Upward Move or Just Another Fakeout?
Ethereum ($ETH) – Trade Setup & Outlook
Current Price: $1,613.89
Intraday Range: $1,577 – $1,651
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Key Levels
- Support: $1,580 – Strong buying interest here.
- Resistance: $1,650 – Needs to break for a bullish move.
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Short-Term Trade Idea:
- Long Entry:Above $1,650 with volume confirmation.
- Target 1: $1,700
- Target 2: $1,750
- Stop Loss:Below $1,580
- Alternatively:Buy the dip near $1,580 with a tight stop below $1,570.
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Long-Term Outlook:
- Bullish Post-Halving: Ethereum remains a strong contender in the DeFi and smart contract space.
- Upcoming Upgrades:The Pectra upgrade aims to enhance network scalability and performance, potentially boosting ETH's value.
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Technical Indicators:
- RSI:Neutral, indicating no overbought or oversold conditions.
- MACD:Bullish crossover on the 4-hour chart, supporting upward momentum.
- Volume:Increasing, confirming buying interest.
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Bottom Line
ETH is testing key resistance at $1,650. A breakout could lead to a move towards $1,700. Long-term prospects remain positive due to network upgrades and strong fundamentals.
Disclaimer Here: Not Financial Advice
