ETHUSDT: A crucial suppport!!
2024-09-06
Category: None

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Hello everyone,
Let's analyze ETHUSDT in weekly timeframe!!

ETHUSDT is currently forming a bullish pennant structure and maintaining strong trendline support. It is trading above the 200 MA, which is expected to act as a crucial support level.
RSI: Crossover in oversold zone.

There are two possible outcomes based on ETH price predictions:

Scenario 1:
ETH may bounce from the support range of $1996.59 to $2226.50, followed by an initial drop of approximately 7-10%.

Scenario 2:
ETH could break and fall through the upper support zone of $1996.59 to $2226.50 and decline toward the lower support zone of $1079.39 to $1251.48. A bounce from this lower support could occur only if ETH breaks the above zone, though this scenario is less likely due to the potential 50% decline from the current price, especially considering current market sentiment and cryptocurrency adoption trends.

BUYING ZONE:

Upper support zone:
$1996.59 to $2226.50

Lower support zone:
$1079.39 to $1251.48

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Happy Trading!!