Alright team, let's break down this juicy $ETH chart and see what's cooking. The macro view suggests the recent correction was a healthy shakeout, not a trend reversal.
Technical Analysis
Looking at the 1W chart, Ethereum has successfully defended the crucial long-term support zone around $2,600 - $2,700. The current price action (at ~$2,982) is painting a clear rebound structure. This zone has acted as strong support previously, and holding it is key for continued bullish momentum.
If bulls maintain control and push decisively above the intermediate resistance marked by the dotted line (around $3,350), we are fully cleared for a strong continuation toward the primary $5,400 TARGET. This move would place us right back into all-time high territory.
Fundamental Tailwinds
On the fundamental side, excitement is building around the potential approval of spot Ethereum ETFs in the US, which could unlock unprecedented institutional liquidity. Furthermore, the Ethereum L2 ecosystem continues to see explosive growth and network utility following the successful Dencun upgrade, cementing $ETH's position as the backbone of decentralized finance.
My strategy is simple: Buy the dip confirmation here near $3,000. $2,600 acts as our firm defensive line. The upside potential toward $5,400 offers fantastic risk/reward.
Highly recommend HOLD and Stacking $ETH at Binance
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