$ETH 15-Minute Chart Analysis – Trend Analysis and Potential Reversal Zones🚩
Currently, ETH is trading within a consolidation zone, sandwiched between resistance and support levels around $2,635. Based on the Mean Reversion Channel seen in the chart:
✔Resistance and Support Zones:
Resistance is clearly defined around the $2,655-$2,670 zone (highlighted in green).Support lies below, around $2,620 and further near $2,600 (red zone).
$ETH Price Action Analysis:
ETH saw a drop earlier today, reaching the lower red band of the Mean Reversion Channel, indicating oversold conditions. The recent bounce suggests a possible retest of higher levels as traders look for support near $2,630.
Volume:
Notice the volume spikes during the recent dips, hinting at possible accumulation. If buying pressure increases, we could see a short-term bullish reversal.
Strategy:
Short-Term Traders: Watch for price breaking below $2,620 for a potential shorting opportunity down to the $2,600 mark. Buyers: If price action holds above $2,635 with volume confirmation, this could indicate a bounce towards the upper resistance levels around $2,670.
Key Takeaway: ETH is at a pivotal moment—whether we see a breakout above $2,635 or a break below $2,620 will determine the next short-term trend. #ScrollOnBinance #UptoberBTC70K? #ETHETFsApproved #ETH🔥🔥🔥🔥