ETH/USDT Approaches Key Resistance After Double Bottom Breakout
2024-10-16

hello guys!

 Key Observations:
 
 Double Bottom Pattern:
 A well-defined double bottom pattern formed around the $2,307 zone.
The neckline breakout has occurred, and the price is nearing the projected target of the double bottom pattern, around the $2,730 area.

 Resistance Zone (Blue Box):
 The price is approaching a key resistance area between $2,680 and $2,730.
This area represents a major challenge for bulls, as it's a historical level where selling pressure previously increased.

 Ascending Channel:
 ETH is trading within an ascending channel, with higher lows and higher highs.
The upper boundary of the channel aligns with the resistance zone, indicating the confluence of a strong resistance level.

 Potential Targets:
 If the price breaks above the resistance area, the next target lies around $2,800, which is the upper boundary of the ascending channel.
On the downside, if the resistance holds, a pullback toward the support of the channel around $2,560 to $2,480 is possible.

 Engulfing Pattern at Support:
 A bullish engulfing pattern at the double-bottom zone initiated the current rally, showing strong buying interest in this region.