ETHUSDT : Bullish factors in play
2024-10-15

ETH/USDT is currently trading around 2,604.19 USD, following a strong upward movement that encountered resistance near 2,654.79 USD.

In the coming sessions, a pullback towards the support zone between 2,546.43 USD and 2,572.00 USD is highly possible. This area is reinforced by the 0.5 and 0.618 Fibonacci retracement levels, which typically serve as critical support in a continued uptrend. If the price retraces to this zone, it could provide a strategic buying opportunity.

In the short term, I'm expecting some consolidation or a mild retracement before another potential breakout attempt above the 2,654.79 USD level. A successful break would likely push the price towards the next target of 2,725.00 USD, possibly reaching higher levels beyond that.

However, a failure to maintain support at 2,546.43 USD could suggest a deeper correction. Until that happens, the bullish momentum appears intact, and the support zone could serve as a solid foundation for the next rally.