ETH/USDT 4HOUR CHART UPDATE !!
The updated chart for Ethereum (ETH) against Tether (USDT) in the 4-hour timeframe shows potential for a bullish scenario. Here's the analysis based on the chart:
The price is currently within a falling wedge, a bullish reversal pattern, where price action is making lower highs and lower lows within converging trendlines. This pattern often signals a potential upward breakout.
The price is currently testing the lower boundary of the falling wedge near a significant support zone between $2,335 and $2,455. This area is crucial as it has acted as support in the past and is currently being retested.
Immediate resistance lies at the upper boundary of the wedge around $2,455 to $2,505. A breakout above this level could lead to a bullish continuation towards the next resistance around $2,800 to $2,900.
Projected Movement:
The chart suggests a potential bullish breakout from the falling wedge pattern. The arrow indicates a move upward toward the upper resistance zone near $2,800 if the breakout occurs.
A close above the resistance zone would confirm the breakout and could initiate a new bullish phase targeting higher levels.
Key Levels to Watch:
A close below the lower boundary of the wedge or the support zone could invalidate the bullish setup, leading to further downside. Conversely, a strong breakout above the wedge could signal a bullish reversal.
The current setup suggests watching for a confirmed breakout above the wedge for a long opportunity. If the price maintains support and breaks above resistance, there could be a significant upward movement towards higher targets.
Note: This is not financial advice. Stay tuned for further updates and analysis. Thank you.
The price is currently within a falling wedge, a bullish reversal pattern, where price action is making lower highs and lower lows within converging trendlines. This pattern often signals a potential upward breakout.
The price is currently testing the lower boundary of the falling wedge near a significant support zone between $2,335 and $2,455. This area is crucial as it has acted as support in the past and is currently being retested.
Immediate resistance lies at the upper boundary of the wedge around $2,455 to $2,505. A breakout above this level could lead to a bullish continuation towards the next resistance around $2,800 to $2,900.
Projected Movement:
The chart suggests a potential bullish breakout from the falling wedge pattern. The arrow indicates a move upward toward the upper resistance zone near $2,800 if the breakout occurs.
A close above the resistance zone would confirm the breakout and could initiate a new bullish phase targeting higher levels.
Key Levels to Watch:
A close below the lower boundary of the wedge or the support zone could invalidate the bullish setup, leading to further downside. Conversely, a strong breakout above the wedge could signal a bullish reversal.
The current setup suggests watching for a confirmed breakout above the wedge for a long opportunity. If the price maintains support and breaks above resistance, there could be a significant upward movement towards higher targets.
Note: This is not financial advice. Stay tuned for further updates and analysis. Thank you.
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