$ETHFI rises sharply and exceeds 10% in 24 hours — Are we on the brink of a new wave?
Currency #ETHFI/USDT recorded a remarkable rise of +10.00% to trade at $1.386, after touching the daily peak at $1.529. The price movement suggests the formation of a new upward base supported by strong momentum from traders.
Technical Analysis:
Bollinger Bands:
The price is confidently moving above the mid-band, with a new attempt to break the upper limit, indicating the continuation of positive momentum.
Moving Averages MA(5 and 10):
The price is clearly above both averages, and it seems that MA5 provides dynamic support for the price during retracements.
RSI (6): 69.26
Close to the overbought area, but without exceeding it, allowing room for further upward movement before any potential correction.
MACD:
Despite the convergence of the indicator lines, the recent sideways movement may pave the way for a new upward wave when strong candles appear.
Trading Strategy: "The next wave after consolidation"
Ideal Entry Area:
Upon retesting levels of $1.30 – $1.34 if a positive reversal candle appears.
Stop Loss:
Below $1.22 to protect capital from any sudden reversal.
Profit Targets:
First target: $1.52
Second target: $1.70
Extended target: $1.95 if strong momentum continues
Do you think #ETHFI can break $1.70? Or does the market need more consolidation? Share your opinion in the comments!
