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ETH/USDT (Spot) Potential Upward Movement

ETH/USDT (Spot) Long-Term Trend: Bullish

Key Resistance Levels: 3470.27, 3605.45, 3780.34.

Key Support Levels: 3220.12, 3000.89, 2930.45.

Daily Time Frame:

The price on the higher time frame failed to break a strong support level around the 3066.20 USDT mark, and it left huge wicks to the downside plus a bullish engulfing pattern showing that the buyers are taking control of the market.

ETH/USDT (Spot) Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price started to post higher highs and lows showing that we are in a new trend to the upside after breaking the bearish channel to the upside. As well, the market is traded above the key resistance level around the 3245 USDT mark and posted a tight consolidation range which might lead to a new impulsive wave toward the target profits.

Buy Market Order @ 3245.51

TP 1 @ 3451.68        

TP 2 @ 3586.53

Stop Loss @ 3141.86

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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