Ethereum Price Analysis – Key Support and Potential Targets

This chart of Ethereum (ETH/USD) displays a potential long trade setup based on a robust support zone, key Fibonacci retracement levels, and bullish technical signals.

Key Observations:

Strong Support:
The chart highlights a prominent support area (purple zone) where buyers have consistently stepped in.

Bullish Price Action:
A recent bounce off support suggests a potential trend reversal, laying the groundwork for an upward move.

Fibonacci Retracement Levels:

0.618 (e.g., ~$3,600):
Price held at this critical retracement level, signaling strong buyer interest.

0.5 (e.g., ~$3,800):
This level acted as a pivot, where the price reversed upward.

0.382 (e.g., ~$4,000):
Expected to serve as a short-term resistance zone and potential take-profit target.

Technical Indicators (Moving Averages):

A bullish crossover between the short-term and long-term moving averages suggests a trend reversal.
These moving averages could serve as dynamic support/resistance as the price advances.
Bullish Scenario:

Trade Plan (Bullish Bias):
Entry:
Consider a long position if the price closes above the resistance near ~$4,000.
Stop Loss:
Place below the strong support zone (e.g., under ~$3,600) to control risk.

Target Levels:

TP1: ~$4,200 – initial profit target.
TP2: ~$4,400 – intermediate target.
TP3: ~$4,600 – potential extended move target.

Conclusion:

The ETH/USD chart is set up for a bullish reversal from a well-established support base. A breakout above ~$4,000, accompanied by strong volume, could propel the price toward the mid-$4,000 range and beyond, validating the long trade strategy.