$ETH /USDT 15-minute chart from Binance, I can give a professional analysis for both long and short trades. Here’s a breakdown of the current situation:
Chart Overview:
Current Price: $2616.00
24-Hour High: $2659.39
24-Hour Low: $2601.18
Volume: Rising as seen by recent green candles, indicating growing buying pressure.
Technical Observations:
1. Downtrend Line (Blue): A descending resistance trendline was broken recently, signaling potential for further upward movement.
2. Breakout Zone (Purple Box): There is a consolidation area formed right above the breakout point, which can act as both support and resistance in the short term.
3. Volume: The rise in volume after breaking the descending trendline suggests strong buying interest, which supports bullish momentum.
Entry Levels for Long Trades:
Entry: Above $2620 after a confirmed retest of the breakout zone (the purple box) for more confirmation of bullish continuation.
Stop Loss: Set below the breakout zone at $2600 to protect against false breakouts.
Target 1: $2635 - First target where minor resistance could be encountered.
Target 2: $2650 - $2659 - A more ambitious target aiming for a retest of recent highs.
Entry Levels for Short Trades:
Entry: If price falls back below $2610, breaking the lower part of the purple box, this could signal a failed breakout.
Stop Loss: Above the breakout resistance at $2625 to minimize loss if it retraces upward.
Target 1: $2590 - The next significant support level.
Target 2: $2570 - $2550 - Extended target if the downward momentum accelerates.#XRPDonationsUSElections #APTSurpassesSUI #CMEBTCFuturesRecordHigh #GameFiTokensRally #Write2Earn!