ETHUSDT.1D
2024-11-24

analyzing the ETH/USDT daily chart, Ethereum is currently trading at 3,434.56, showing strong upward momentum after breaking out of a descending trendline. This breakout indicates a potential reversal in the medium-term trend, favoring buyers.

Key Levels:
Resistance 1 (R1): 3,565.20
Resistance 2 (R2): 4,093.92
Support 1 (S1): 2,737.17
Support 2 (S2): 2,472.28
Support 3 (S3): 2,101.09
Ethereum is currently approaching R1, a critical resistance level. A decisive breakout above this level could pave the way for a retest of R2, aligning with the previous high near 4,093.92. On the downside, S1 and S2 serve as crucial support levels, where the price may consolidate or find buying interest if a pullback occurs.

Indicators:
The MACD (12, 26) shows bullish momentum, with the MACD line comfortably above the signal line and a positive histogram. This suggests growing buying pressure and supports the continuation of the upward trend.

The RSI (14) is at 65.70, approaching overbought territory but still within a healthy range. This indicates room for further upward movement, though caution is warranted as overbought conditions may soon emerge, potentially leading to a short-term pullback or consolidation.

Trend Analysis:
The breakout from the descending trendline is a significant bullish signal. Furthermore, the price continues to respect the ascending support trendline near S1, maintaining a higher low structure that reinforces the bullish sentiment. If Ethereum sustains its position above S1 and breaks through R1, it could signal the continuation of the medium-term uptrend.

Conclusion:
My outlook for ETH/USDT remains bullish as long as the price respects the ascending trendline and holds above S1. A breakout above R1 would confirm the continuation of the upward trend, with R2 as the next target. Conversely, a rejection at R1 or a loss of S1 could result in a retracement toward S2 or S3. I will monitor the price action and momentum indicators closely to adapt to any shifts in market dynamics.