$ETH Is Bullish But In Channelđ„
âĄThe current price is $1,597.57 USDT, with a 24-hour high of $1,613.48 USDT and a 24-hour low of $1,579.09 USDT.
âĄResistance Zone:
The price is facing resistance near $1,616.96 USDT, which is the highest point on the chart. Sellers are active at this level, preventing further upward movement.
âĄSupport Zone:
The support level is around $1,563.20 USDT, which is the lowest point on the chart. Buyers might step in at this level to stabilize the price.
âĄIndicators Overview:
The chart includes technical indicators like Moving Averages (MA), Exponential Moving Averages (EMA), Bollinger Bands (BOLL), Parabolic SAR (SAR), MACD, RSI, and KDJ.
âĄThese indicators suggest mixed momentum, with the price moving within a channel defined by two parallel yellow lines.
âĄVolume Insight:
The 24-hour trading volume is 193,635.50 ETH, showing strong market activity.
đTrade Setup Possibilities:
Breakout Trade (Bullish Bias):
đEntry (Buy): Above $1,617.00 USDT after a confirmed breakout with strong volume.
đąStop Loss: Below 1,600.00 USDT.
đTake Profit Targets:
đŻTP1: $1,630.00 USDT
đŻTP2: $1,650.00 USDT (if momentum continues).
Rejection Trade (Bearish Bias):
đEntry (Sell): If the price gets rejected near $1,616.96 USDT.
đąStop Loss: Above $1,620.00 USDT.
đTake Profit Targets:
đŻTP1: $1,580.00 USDT
đŻTP2: $1,560.00 USDT (closer to support levels).
âĄETH/USDT is moving within a defined channel, facing resistance at $1,616.96 USDT and support at $1,563.20 USDT. A breakout above resistance could signal bullish opportunities, while rejection might lead to further downside. Watching for volume confirmation is crucial to decide the next move.
Disclaimer: #DYOR*
Buy Or Trade With Me On $ETH #