Namaskar LuckySevenTrader Community:
#Ethereum (ETH) is currently trading around $2,457, hovering just above a critical ascending trendline support on the 4-hour (4H) chart. This trendline has historically provided a strong support level, so if buying pressure increases, we could see ETH bounce back from here.
Key Levels to Watch for #ETH/USDT
1. Support at $2,450: This level is significant as it aligns with the trendline support. A break below this point could open the door for further downside, potentially leading to more bearish action if sellers gain control.
2. Resistance between $2,700 and $2,750: This zone has consistently acted as a resistance level. For ETH to gain bullish momentum, it needs a strong push above this range, which could signal that buyers are taking charge.
3. Volume Considerations: Currently, trading volume remains relatively low, meaning price movements may lack conviction. For confirmation of any breakout above resistance or breakdown below support, an increase in volume would be a key indicator.
Potential Scenarios for Ethereum’s Price
Bullish Scenario: A strong break above the $2,750 resistance zone would signal that buyers have regained control. In this case, we could see Ethereum build further upside momentum, especially if accompanied by increased trading volume.
Bearish Scenario: If ETH drops below the $2,450 trendline support, it may trigger additional selling pressure, potentially creating a more bearish scenario. This breakdown could attract short-sellers, increasing the likelihood of further downside.
As Ethereum sits at this crucial support, keep an eye on volume and these key levels to gauge the next move in ETH’s price.
