Ethereum ($ETH /USDT) Technical Analysis Report
Current Price: $2,524.74
24h Change: -2.29%
Volume (ETH): 385,105.77
Volume (USDT): $974.38M
24h High: $2,588.80
24h Low: $2,450.00
Market Overview
Ethereum$ETH is trading at $2,524.74, showing a marginal recovery of +0.05% after a dip. The asset is exhibiting sideways movement, reflecting indecision in the market. This analysis will focus on identifying possible long and short trade opportunities based on current price action, historical data, and key support/resistance levels.
Price Movement Summary
24h High: $2,588.80
24h Low: $2,450.00
Recent Movement: Ethereum saw a slight bounce from its low of $2,450 to $2,524.75, reflecting weak bullish momentum.
Key Levels to Watch
Support Levels:
Immediate Support: $2,510 – This level has seen frequent retests, providing a short-term floor for the price.
Critical Support: $2,450 – This is the 24h low and a strong level of demand. A break below this would likely trigger further downside.
Resistance Levels:
Immediate Resistance: $2,550 – There is visible resistance near this level where sellers have emerged in the past.
Key Resistance: $2,588.80 – The recent 24h high and a significant resistance level. A breakout above this could open the door to a bullish rally.
Long Trade Setup
Entry: $2,530 to $2,540 (current price zone)
Target: $2,588 (24h high)
Stop Loss: Below $2,500
Rationale: Entering long in this zone would benefit from any continuation of the current upward momentum, with a target at the 24h high. However, caution is advised as volatility could increase around $2,550.
Short Trade Setup
Entry: $2,580 to $2,590 (near the recent high)
Target: $2,510 (support zone)
Stop Loss: Above $2,600
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