Ethereum (ETH/USD) surged to $2,465, breaching the supply zone post Double Top pattern invalidation on the H4 chart. $2,390 and $2,445 now serve as critical support levels, with strong H4 momentum favoring short-term bulls, albeit amidst extreme overbought conditions.
Resistance Levels:
Blue arrow-marked levels highlight resistance targets, notably below $2,500, potentially acting as a psychological barrier.
Intraday 1H Indicator Signals:
22 Buy signals, 1 Sell signal among 23 technical indicators.All 18 moving averages show Buy signals.Sentiment Scoreboard: Bullish sentiment dominates at 74%, with a recent uptick indicating continued optimism.
Weekly Pivot Points:
Identify potential reversals, support, and resistance:
WR3: $2,414WR2: $2,358WR1: $2,337Weekly Pivot: $2,301WS1: $2,281WS2: $2,245WS3: $2,204Bullish Scenario:Continued Trend: Sustained bullish momentum above moving averages targets sub-$2,500 resistance.Breakout Confirmation: Above resistance, increased volume may signal further upside towards all-time highs.RSI Consolidation: Cooling RSI without significant price drops could affirm current levels, potentially prompting further gains.Bearish Scenario:RSI Pullback: Overbought RSI may precede a price retreat, finding support at DEMA 50 or EMA 100.Resistance Failure: Inability to breach immediate resistance, coupled with reversal patterns, hints at downside momentum.Trendline Break: Violation of ascending trendline suggests potential bearish reversal.Conclusion:
ETH/USD presents bullish indicators, yet caution is warranted due to overbought RSI levels. Traders should monitor RSI corrections and resistance levels to assess trend strength. Risk management and market news awareness remain crucial.
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