ETH/USDT: Breakout Signals Strong Bullish Momentum
2024-11-22

Ethereum (ETH/USDT) is currently trading around $3,354.45, showing strong bullish momentum after breaking out of a descending trendline. The breakout indicates a shift in sentiment, with bulls regaining control as the price clears key resistance levels.

The blue support zone near $3,057-$3,148 acted as a strong foundation for the rally, propelling ETH past the orange resistance zone around $3,200-$3,250. The price is now approaching a critical resistance at $3,373, which could determine the next major move.

If ETH successfully breaks above $3,373, it may target higher levels near $3,500 and beyond. However, if the price faces rejection, a pullback toward the orange zone around $3,200 could provide a retest opportunity before further upside.

Traders should consider buying on pullbacks near the $3,200 zone or on a confirmed breakout above $3,373, with a stop-loss below the $3,148 support level. Ethereum's bullish structure suggests potential for higher highs in the short term.