📈 Technical Analysis
Near resistance: $2,600 USD
Strong support: $2,400 USD
RSI indicator (4H): Around 65 – close to overbought territory
MACD: Trending up, positive signal
50-day SMA: Expected to reach $2,500 USD
200-day SMA: Expected to reach $2,300 USD
The 4-hour chart shows ETH in a strong upward trend, with technical indicators supporting this bullish momentum. However, the RSI near overbought territory indicates caution is needed for potential short-term corrections.
📌 Featured News
Symmetrical triangle breakout: ETH broke the symmetrical triangle pattern on the 1D and 4H charts on May 8th, confirming a strong upward trend.
Increased institutional money flow: Interest from institutional investors is driving ETH prices up significantly.
Positive market sentiment: The Fear & Greed Index reached 78, indicating an 'extreme greed' sentiment in the market.
📊 Trading Strategy
Scenario 1 – Open Long Position
Reason for entry: Price breaks above the resistance level of $2,600 USD with increased trading volume, confirming an upward trend.
Entry zone: $2,550 – $2,600 USD
Stop-loss (SL): $2,480 USD (Below nearest support)
Take-profit 1 (TP1): $2,700 USD
Take-profit 2 (TP2): $2,800 USD
Success probability: 70% (Based on technical signals and strong inflow)
Scenario 2 – Open Short Position
Reason for entry: Price cannot maintain above $2,600 USD and shows signs of a bearish reversal.
Entry zone: $2,600 – $2,650 USD
Stop-loss (SL): $2,700 USD (Above nearest resistance)
Take-profit 1 (TP1): $2,500 USD
Take-profit 2 (TP2): $2,400 USD
Success probability: 60% (Based on the potential correction after strong upward movement)
Note: The market is in an exuberant state; tight risk management and close monitoring of technical signals are necessary.
🔗 ETH Transaction