ETHUSDT - Preparing for a Reversal? Local
2024-11-14

I'm observing some interesting price action on the 15-minute chart for ETH/USDT. We’re currently in a short-term downtrend after hitting a recent high around $3,600, but there are signs the momentum could be shifting.

Key Levels:

Resistance: $3,250 – we’ve seen several rejections here recently.
Support: $3,050 – this level has held multiple times, showing buyers are stepping in.
Trade Idea: If we see a clean break and close above $3,250, I’ll be looking for a possible retest to go long, targeting the $3,400 zone, with a tight stop just below the support level. However, if $3,050 breaks, I’m expecting a deeper correction towards $2,900.

Risk Management: Keep the stop loss tight and watch for confirmation on the breakout to avoid any bull traps.

Let’s see if the bulls have the strength to push higher or if we’re in for a deeper pullback.