Ethereum (ETH)Ethereum Technical Analysis (ETH/USDT)
📊 Timeframe: Weekly and Daily
🔍 Current Status: Ethereum is in a long-term ascending channel and is currently attempting to break through its weekly resistance zone (red area).
📈 Bullish Analysis (Scenario 1)
Weekly Resistance and Price Stabilization:
Ethereum is currently facing weekly resistance (red zone).
Stabilizing above this resistance could pave the way for a new ATH (All-Time High).
Bullish Targets (Fibonacci Levels):
First target after breaking resistance:
Top of the ascending channel
Fibonacci 1.618 zone, which serves as a significant resistance.
If the channel’s top is broken, parabolic moves can be expected.
Further targets include:
Fibonacci 2.272 and 2.618 levels
Reaction to the Trendline:
By connecting the previous two highs of Ethereum, a trendline is formed.
Increased volume could trigger a price reaction to this line.
This trendline overlaps with Fibonacci 3.272 and 3.618 levels.
Achieving these targets will require significant capital inflows due to ETH’s high market cap.
RSI Indicator:
A rising channel is visible on the RSI.
Entry into the overbought zone could trigger a parabolic move towards the RSI channel’s ceiling.
If hype and volume increase, the RSI ceiling may break, extending into the overextended zone.
📉 Bearish Analysis (Scenario 2)
If Ethereum fails to break the weekly resistance:
A correction towards Fibonacci 0.382 and 0.5 levels is likely.
Failing to hold these levels may bring the price down to the lower boundary of the descending channel.
If selling pressure increases:
The price may move towards the weekly blue support zone.
🔗 Conclusion:
Ethereum is at a critical resistance level. Breaking and stabilizing above the weekly resistance could push ETH to higher Fibonacci targets and new ATHs. If the resistance holds, a correction towards Fibonacci support levels is possible.
📌 Key Point: High volume inflows and RSI movement will play a critical role in fulfilling the bullish scenario.
💎 Key Fibonacci Levels:
1.618 🔹 Initial Resistance
2.272 and 2.618 🔹 Higher Targets
3.272 and 3.618 🔹 Final Targets
📊 Daily Timeframe: Watch for potential corrections to Fibonacci 0.382 and 0.5 support levels.