Fibonacci Analysis for ETH/USDT (4H Chart)
Based on the Fibonacci retracement levels shown in the chart:
Current Trend:
The price is in an uptrend, breaking above key Fibonacci resistance levels. The breakout above the 0.618 level at $3,589 is a bullish signal, and the price is approaching the 1.0 Fibonacci extension level at $3,726.
Key Levels:
Support Levels:
0.618 level at $3,589: Immediate support if the price pulls back.
0.5 level at $3,357: A critical area for a stronger retracement if the price fails to sustain momentum.
0.382 level at $3,441: A secondary support zone for any minor correction.
Resistance Levels:
Current resistance at $3,726, corresponding to the 1.0 Fibonacci level. A confirmed breakout here could lead to further upside momentum.
Price Action Observations:
The higher highs and higher lows indicate continued bullish momentum. The candles show strong buying pressure, and the Fibonacci levels align with potential zones for retracement and continuation.
Trading Plan:
For Long Positions:
Enter on a pullback to $3,589 or $3,357 with tight stop-losses below the 0.5 level.
Target: Breakout above $3,726 to aim for new highs around $3,800 or more.
For Short Positions:
If the price fails to sustain above $3,726, consider shorting with targets at the 0.618 and 0.5 levels.
Momentum Confirmation:
Volume and momentum indicators should confirm the breakout above $3,726 for a sustained move higher.
This analysis highlights ETH/USDT's bullish potential, with critical retracement and extension levels providing trading opportunities.
Current Trend:
The price is in an uptrend, breaking above key Fibonacci resistance levels. The breakout above the 0.618 level at $3,589 is a bullish signal, and the price is approaching the 1.0 Fibonacci extension level at $3,726.
Key Levels:
Support Levels:
0.618 level at $3,589: Immediate support if the price pulls back.
0.5 level at $3,357: A critical area for a stronger retracement if the price fails to sustain momentum.
0.382 level at $3,441: A secondary support zone for any minor correction.
Resistance Levels:
Current resistance at $3,726, corresponding to the 1.0 Fibonacci level. A confirmed breakout here could lead to further upside momentum.
Price Action Observations:
The higher highs and higher lows indicate continued bullish momentum. The candles show strong buying pressure, and the Fibonacci levels align with potential zones for retracement and continuation.
Trading Plan:
For Long Positions:
Enter on a pullback to $3,589 or $3,357 with tight stop-losses below the 0.5 level.
Target: Breakout above $3,726 to aim for new highs around $3,800 or more.
For Short Positions:
If the price fails to sustain above $3,726, consider shorting with targets at the 0.618 and 0.5 levels.
Momentum Confirmation:
Volume and momentum indicators should confirm the breakout above $3,726 for a sustained move higher.
This analysis highlights ETH/USDT's bullish potential, with critical retracement and extension levels providing trading opportunities.
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