EHUSDT: Cup and handle pattern is formed. 
2024-10-04

Based on the Ethereum (ETH/USDT) chart you've shared, here is a concise trading strategy:

Support Zone: The price is currently testing a key support zone around $2,350. This area has shown buying interest in the past.

Short-Term Bullish Scenario: If the price holds above this support, a potential short-term bullish move could occur, with targets at the Fibonacci retracement levels of $2,471 (0.618) and $2,520 (0.5). Watch for bullish signals in this area to confirm potential upward movement.

Bearish Scenario: If the price fails to hold this support zone, a deeper decline could follow, with a major target at the 1.618 Fibonacci extension level, around $2,054.

Trading Plan: Consider entering a long position if the price bounces off the support zone with confirmation. Set a stop-loss below the support zone. Alternatively, if the price breaks below the support, look for a short opportunity with a target near $2,054.

This strategy provides a balanced approach for both potential bullish and bearish moves.