ETHUSDT → The price is back in the green zone. Support retest

6 thg 5, 2023

ETHUSDT is forming an uptrend on the weekly timeframe. The target is the upper boundary of the range - 2020. The pair continues to test this area and with positive potential from bitcoin and bullish momentum in the market, Ethereum can finally break it.

The price again after another retest breaks the resistance of the local uptrend channel. The bulls are forcing a strong support area of 1800-1850, now, since the price is above the uptrend line, it is likely that the bulls will try to hold the 1900-1940 area. If the price succeeds, it might head towards 2167.
The moving averages are acting as support. A false break-down of the MA-50 sends the price to the retest of 2020.
Globally, there is a bullish potential after the false-break-down, the price continues to consolidate and gets ready for the further risings.

Strong support: Rising border of the channel, 1800-1850 area.
Strong resistance: 2020.
I expect continuation of growth after the next retest of support and possible consolidation of the price above the level.

Regards R. Linda!

7 thg 5, 2023

Ghi chú

a strong support line is formed and a symmetrical triangle is tentatively formed.
The moving averages support the market.
In the event of a breakout of the local resistance, the price could head towards 2200