$ETH SHORT AND LONG SETUP
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Ethereum's current price is $2,494.10, with a 0.24% increase in the last 24 hours. The market cap stands at $305.74 billion, and the 24-hour trading volume is around $21.63 billion ¹ ².
Market Activity
Market activity is driven by ³ ⁴:
- *Institutional Confidence*: Ethereum's price rose about 1% after the Federal Reserve maintained interest rates, indicating growing institutional confidence.
- *DeFi Ecosystem Growth*: Ethereum dominates DeFi and NFT markets, with increased on-chain activity driving higher demand for ETH.
- *Staking Yields*: Declining staking yields challenge ETH's value proposition, but network effects may offset yield disadvantage.
Key Levels
- *Support Levels*: $2,480 (rising channel support), $2,450 (key support level)
- *Resistance Levels*: $2,565 (50% Fibonacci retracement level), $2,625 (major resistance), $2,680 (potential target)
Outlook
The outlook for Ethereum is mixed, with potential for both growth and decline. Analysts predict ³ ⁴:
- *Bullish Scenario*: Breakthrough above $2,565 resistance could target $2,625-$2,680 range or higher.
- *Bearish Scenario*: Failure to hold $2,480 support may trigger correction toward $2,320-$2,240 range.
Trading Strategy
- *Buy*: Consider buying Ethereum if it breaks above $2,565 or bounces off the $2,480 support level.
- *Sell*: Consider selling if Ethereum fails to hold above $2,480 or reaches resistance levels.
- *Stop Loss*: Set a stop loss at $2,450 to limit potential losses.
