ETH Gearing Up for $4,000?
2024-11-12

The ETHUSDT chart shows a potential bullish scenario, with Ethereum forming a rounded bottom pattern on the daily timeframe. Currently trading around $3,333, ETH has rebounded significantly from its previous lows, indicating a strong upward momentum.

Key Points to Consider:

Rounded Bottom Formation: This pattern typically suggests a reversal of the downtrend, hinting at a possible sustained upward movement if the formation completes.

Fibonacci Levels: The chart marks key Fibonacci retracement levels, which could act as future support or resistance. The target at the 1.618 Fibonacci extension is around $4,008, suggesting a potential upside if ETH breaks through resistance levels.

Resistance at $4,000: The area around the $4,000 mark could pose significant resistance, which aligns with the completion of the rounded bottom. Breaking through this level might signal a stronger bullish continuation.

Potential Strategy: Traders might consider looking for a breakout above the $3,386 level as an entry point, with an initial target near $4,000. However, a failure to hold above key support levels could indicate a reversal, so close monitoring is advised.