๐ The ETH/USDT chart shows a major reversal pattern emerging from a very strong support zone near $2120, which has held firm after a long downward channel. This zone triggered a strong bullish breakout, confirmed by a spike in volume ๐ (green arrow).
๐ What we see:
๐บ Double Top near $4100 (strong historical resistance that triggered the long-term downtrend).
๐ Prolonged correction phase forming a descending wedge, which typically precedes bullish reversals.
๐ฅ Strong breakout from compression supported by volume (pink arrow), suggesting institutional interest or major buyers.
๐ Price is now facing a strong resistance zone around $3540.
๐ Scenarios:
Bullish case (green path): ETH holds above the ascending support and breaks $3540 โ next target could approach $4000+.
Bearish case (red path): ETH gets rejected near resistance and consolidates or retests the $2500โ$2120 zone before another attempt.
โ ๏ธ Key Levels to Watch
Support: $2120
Resistance: $3540
Trendline support: blue ascending line
๐ฎ Stay tuned โ the next few weeks could define the mid-term trend for ETH. A solid close above resistance could signal the beginning of a new macro uptrend.
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