ETHUSDT 2-hour analysis: New bullish momentum is forming
2024-10-16

On the 2-hour ETHUSDT chart, after breaking the downtrend (red line), ETH has started a strong rally and is currently in wave (4) of the Elliott wave pattern. The support zone around $2,560 is playing a very important role. If ETH holds above this zone, it is likely to continue moving up to wave (5) with a target of $2,780 or higher.

The EMA 34 and EMA 89 (blue and purple lines) are showing a solid uptrend, supporting the price. This could be a good opportunity to enter a buy order when the price retests the support zone.

Trading strategy:

Buy at $2,560, target to increase to $2,780.
Pay attention to risk management, in case the market has unexpected fluctuations.

The potential opportunity is very clear, wish you effective trading!