Analysis ETH/USDT Chart May/June 2024

Overview

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

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.
Ethereum (ETH) against Tether (USDT) with key support and resistance levels highlighted zoomed in

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.

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