Overview

The charts show the price movement of Ethereum (ETH) against Tether (USDT) with key support and resistance levels highlighted.

Key Levels

1. Monthly Support and Resistance (Red)
   • Resistance:
     • 4868.00 USDT: The highest significant resistance level on a monthly scale.
   • Support:
     • 1440.00 USDT: A crucial monthly support level.
     • 881.56 USDT: Another significant monthly support level.
     • 366.80 USDT: A lower monthly support level.
2. Weekly Support and Resistance (Orange)
   • Resistance:
     • 4372.72 USDT: A higher weekly resistance level above the current price.
     • 4027.88 USDT: A significant weekly resistance.
     • 3730.71 USDT: Currently tested weekly resistance.
   • Support:
     • 3580.34 USDT: A lower weekly support level.
     • 3202.79 USDT: Another strong weekly support level.
     • 2852.00 USDT: A significant weekly support level.
     • 2652.00 USDT: Lower weekly support level indicating a strong base.
     • 2141.54 USDT: Another important weekly support level.
     • 1728.74 USDT: A lower weekly support level.
     • 1531.01 USDT: Another significant weekly support level.
3. Daily Support (Yellow)
   • Support:
     • 2852.00 USDT: A daily support level.
     • 2652.00 USDT: Another lower daily support level indicating a strong base.

Moving Averages

• 200-day Simple Moving Average (SMA) at 2779.12 USDT: Indicates the overall long-term trend.
• 50-day Simple Moving Average (SMA) at 3189.87 USDT: Represents the medium-term trend.

Trend Analysis

• Upward Movement: The recent price action shows a strong upward movement breaking through several resistance levels.
• Consolidation: The price previously consolidated within the range of 2852.00 USDT to 3202.79 USDT, building a base for the recent breakout.

Recent Price Action

• Current Price: Approximately 3769.65 USDT.
• Last Month’s Movement:
  • Bullish Momentum: Over the past month, Ethereum has shown significant bullish momentum, moving from around 2852.00 USDT to its current level.
  • Breakout: The price broke out from the consolidation range, moving past key resistance levels at 3202.79 USDT and 3580.34 USDT.

Potential Scenarios

Bullish Scenario:

1. Sustained Breakout:
   • If the price holds above 3730.71 USDT, it could indicate a continuation of the bullish trend.
   • The next targets could be the weekly resistance level at 4027.88 USDT and potentially the higher level at 4372.72 USDT.
2. Support Retest:
   • The price may retest the recent breakout level at 3730.71 USDT or the support at 3580.34 USDT before continuing upwards.
   • Successful retest and bounce would confirm bullish strength.

Bearish Scenario:

1. Failure to Hold 3730.71 USDT:
   • If the price fails to hold above this level, it could indicate a potential pullback.
   • The price might drop to test the support levels at 3580.34 USDT and 3202.79 USDT.
2. Break Below Support:
   • If the price falls below the support levels, the next targets would be the lower support at 2852.00 USDT and potentially the 200-day SMA at 2779.12 USDT.

Conclusion

For the upcoming weeks, monitoring the 3730.71 USDT level will be crucial. A sustained breakout above this level could indicate further bullish momentum with potential targets at the higher weekly resistance levels. Conversely, failure to hold this resistance could lead to a pullback towards the mentioned support levels. The recent upward breakout suggests a strong bullish trend, but caution is advised around key support and resistance levels.