Bulls Are Revving Up: Will ETH Break the $2,950 Barrier?
2024-09-27


 Technical Analysis: 

 1. Price Structure and Key Levels: 
 
 The price of  ETH/USDT  is moving towards the key resistance level of  $2,950 , but it hasn't tested this level yet. A  bullish breakout  will only be confirmed once the price closes above this resistance and creates a  higher high (HH) , signaling a possible trend reversal.
 The current support is  $2,747 . If the price remains above this level, bullish momentum could continue. However, a break below this support could lead to a retest of the lower support at  $2,220 .
 

 2. Oscillators: 
 
 The  Smooth OSC  is displaying a  Bullish Regular Divergence , showing that momentum is picking up, hinting at potential upside if the price moves past the resistance.
 Momentum are strengthening, suggesting buyers are stepping in, but confirmation from price action is needed.
 

 3. Key Levels and Entry Points: 
 
 Watch for a break of $2,950:  While the price is not yet testing this resistance, a breakout and retest of this level would confirm the beginning of a bullish trend and could provide a solid entry point for long positions.
 Hold on to $2,747 support:  This level is currently acting as a key support. Traders may look for buying opportunities here, but should watch closely for a potential breakdown, which could lead to further downside.
 

 4. Targets and Resistance Levels: 
 
 If the price successfully breaks the  $2,950  resistance and holds above, the next major target is  $3,900 , aligning with previous highs and significant resistance zones.
 If the support at  $2,747  fails to hold, the price may retest the  $2,220  level, which could serve as the next support area for potential accumulation.
 

 Conclusion: 
 
 ETH/USDT  is approaching key levels, with  bullish divergence  on the oscillators supporting potential upside. A breakout of  $2,950  would open the door for a rally towards  $3,900 .
 However, a failure to hold  $2,747  could see the price dropping to  $2,220 . Watch for confirmations on both sides before making any moves.
 

 👨🏻‍💻💭 What’s your plan for ETH/USDT?  Let’s discuss strategies and potential setups in the comments below!


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