ETHUSDT: Preparing for a Breakout Above $3,737 \u2014 Key LevelsLet's conduct a comprehensive technical analysis of Ethereum (ETH) at the current moment using various tools and consider potential price movement scenarios.
Ethereum (ETH) is a crypto in the CRYPTO market. The current price is $3663.65, with a change of $21.24 (0.00583%) from the previous close. The intraday high is $3737.17, and the intraday low is $3622.05.
1. Candlestick Pattern Analysis:
Current candle: On the daily chart, a candle with a long upper shadow is forming, indicating seller pressure and a potential correction.
2. Moving Averages (SMA and EMA):
50-day EMA: The price is above the 50-day exponential moving average, confirming an uptrend.
200-day EMA: The price is also above the 200-day EMA, indicating a long-term bullish trend.
3. Relative Strength Index (RSI):
Current RSI value: RSI is around 60, indicating moderate buyer strength without signs of overbought conditions.
4. Trendlines:
Support line: Drawn from recent lows, with support around $3,600.
Resistance line: Located around $3,737; a breakout above this level could pave the way for further growth.
5. Elliott Wave Analysis:
Current structure: The corrective wave 4 is likely completing; the start of wave 5 could lead to a new high above $3,737.
6. Smart Money Principle:
Institutional activity: Increased volumes around $3,600 indicate interest from major market players; holding this level supports the bullish scenario.
7. Open Interest:
Dynamics: Rising open interest in the futures market confirms the strengthening trend; a decrease might indicate profit-taking and a potential correction.
8. Cumulative Volume Delta (CVD):
Current data: Positive CVD indicates a predominance of buying activity; however, a decline in the indicator could signal a correction.
Possible Scenarios:
Bullish scenario: A breakout of the resistance level at $3,737 will confirm the continuation of the uptrend with a potential target of $4,000.
Bearish scenario: If the price drops below the support level at $3,600, a correction to $3,400 is possible.
Recommendations:
For long positions: Wait for a confident breakout above $3,737 before opening positions, setting a stop-loss below this level.
For short positions: Consider entering on a break below $3,600, targeting $3,400, with a stop-loss above $3,600.
