The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is heading towards a breakout, with a retest of the upper boundary expected.
The Relative Strength Index (RSI) is showing a downward trend, approaching the lower boundary, and an upward bounce is anticipated.
There is a key support zone in green at 2912, and the price has bounced from this level several times. Another bounce is expected.
The indicator is showing a trend towards consolidation above the 100-period moving average, which we are approaching, supporting the upward move.
Entry Price: 2956
First Target: 3021
Second Target: 3092
Third Target: 3160
Stop Loss: Below the green support zone.
Remember this simple thing: Money management.
For any questions, please leave a comment.
Thank you.
✅ Trade here on $ETH
