TradeCityPro | Ethereum Eyes Key Levels for Trend Reversal

👋 Welcome to TradeCityPro!
Let’s dive into the Ethereum analysis, the queen of the market, ranked 2nd on CoinMarketCap with a $351 billion market cap, right after Bitcoin.

📅 Daily Timeframe
On the daily timeframe, after the upward movement Ethereum made, it reached the 4,843 resistance zone and then entered a consolidation phase.

✅ The bottom of this range was at 3,700, and the middle of the box was at 4,255, which the price reacted to.

🔔 After breaking the lower boundary of the box, the bullish trend Ethereum had came to an end, and a bearish trend with a curved trendline began.

⚖️ After a pullback to the 3,700 zone, a downward move took place, reaching the next support zone at 2,700, and now the price is reacting to the 2,700 zone.

💥 The RSI oscillator formed a descending triangle during this move, which contributed to the increasing bearish momentum in the market.

💡 Now, with the price reaching 2,700, the triangle has broken to the upside, and the bearish momentum has slowed down for now.

🎲 The confirmation of the new bullish momentum will come after breaking the curved trendline and forming a higher high and higher low above the 2,700 level.

📈 The main trigger for Ethereum's bullish trend will be stabilization above 3,700.

⚡️ If the 2,700 level breaks, the next support zone will be at 2,211.

💫 Personally, I’ll try to open a short position on Ethereum if the 2,700 level breaks.

🔼 For a long position, triggers can be found on lower timeframes, but for the main positions, we should wait for the price to form a higher high and higher low.

📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

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