Based on the chart you provided, I will analyze the $ETH /USDT 15-minute timeframe data and provide insights for both long and short trade setups. Let’s go step-by-step for the technical analysis and then determine the potential trade entry levels.
1. Current Price Action:
ETH/USDT price is currently at $2613.52.
The price is up by +2.14% within 24 hours.
The 24-hour high is $2647.79, and the 24-hour low is $2556.83.
The market shows some short-term volatility, as evident from the rapid upward and downward price movements.
2. Support and Resistance Zones:
From the chart, we can see two horizontal purple boxes, which indicate key support and resistance zones.
Resistance Zone: Around $2620 - $2630.
Support Zone: Around $2595 - $2605.
3. Volume Profile:
The Volume SMA (Simple Moving Average) 9 shows decreasing volume over time, which may indicate reduced buying or selling pressure in this time frame.
Lower volume could lead to a consolidation phase, but it also leaves the market vulnerable to sudden price spikes on increased volume.
4. Trade Setup:
For a Long (Buy) Trade:
Entry Point: If the price breaks above the upper resistance zone ($2625 - $2630) with a strong bullish candle and increased volume, a potential long trade can be initiated.
Entry level: $2630.
Stop Loss: Place the stop loss slightly below the current support zone at $2605.
Take Profit Target:
First target: $2650, just below the recent high.
Second target (if bullish momentum continues): $2675 - $2680.
For a Short (Sell) Trade:
Entry Point: If the price fails to break above the resistance level ($2620 - $2630) and gets rejected, you may consider opening a short position.
Entry level: $2610 (on confirmation of resistance rejection).
Stop Loss: Place the stop loss slightly above the resistance at $2635.
Take Profit Target:
First target: $2590 (near the lower support).
Second target (if bearish momentum continues): $2555, testing the 24-hour low.
5. Conclusion:
The market is showing mixed signals in this 15-minute chart. While there is some bullish movement, the price is currently trading near a resistance zone, and volume is declining.
Long trade: A breakout above $2630 would signal strength.
Short trade: A rejection around $2610 could provide a short opportunity with targets near the lower support.
It’s important to monitor the volume and price action closely to determine the next move in either direction.
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