ETH broke consolidation of $1,700-$2,000 with high volume, suggesting a short-term reversal with bullish momentum.
๐ Trend overview
๐ Strong short term ๐ข
๐ Neutral to medium term ๐ก
๐ Long-term Strong Down ๐ด
๐ก๏ธ Support and Resistance
๐ด Resistance 3 $5,363 - MVRV target 2.4 - macro
๐ด Resistance 2 $2,970 - Top of the URPD zone with 16.7M ETH on offer
๐ด Resistance 1 $2,722 - Base of the critical zone
๐ Current price $2,462
๐ข Support 1 $2,400 - Intraday retest after rejection at $2,500
๐ข Support 2 $2,300 - Main short-term support
๐ข Support 3 $2,235 - Realized Price, invalidation floor
Break of $2,100 and $2,300 with massive volume between Aug 20-24.
๐ Momentum Indicators
RSI (14): 65.13 โก๏ธ NEUTRAL - Optimistic, still below overbought
Ultimate Oscillator: 46.21 - Short-term weakening after rejection
๐ Chart Patterns
Sideways accumulation Aug 6-19. Breakout on Aug 20 with green candles up to $2,547. Measured target $2,722-$2,970.
๐ Volume Analysis
Huge volume confirming the breakout. On-chain: 180,764 ETH ($440M) left exchanges + 17 new whales >10k ETH (+1.74%) - accumulation validating.
๐ฏ Trade Setup
Bias ๐ BULLISH
๐ฏ Entry $2,462
๐ Stop $2,235 (-9.2%)
๐ฐ Target 1 $2,970 (+20.6%)
๐ฐ Target 2 $5,000 (+103%)
โ๏ธ R:R 1:2.2 / 1:11.1
๐ก Rationale
Strong Up after breaking $2,000. MVRV crossed the 160-day average on Aug 19 and rose 34% ($1,905 > $2,547). Whales accumulating + exchange outflows supports continuation.
โ ๏ธ Risks and Invalidation
Rejection at $2,500 leads to $2,300. Closing below $2,235 invalidates. The 16.7M ETH zone between $2,722-$2,970 is massive supply.
๐ Confidence
๐ถ MEDIUM - Strong breakout with on-chain support, but a heavy barrier until $2,970.
#ETH #Ethereum #Bitcoin #Crypto #Trading
๐ Trend overview
๐ Strong short term ๐ข
๐ Neutral to medium term ๐ก
๐ Long-term Strong Down ๐ด
๐ก๏ธ Support and Resistance
๐ด Resistance 3 $5,363 - MVRV target 2.4 - macro
๐ด Resistance 2 $2,970 - Top of the URPD zone with 16.7M ETH on offer
๐ด Resistance 1 $2,722 - Base of the critical zone
๐ Current price $2,462
๐ข Support 1 $2,400 - Intraday retest after rejection at $2,500
๐ข Support 2 $2,300 - Main short-term support
๐ข Support 3 $2,235 - Realized Price, invalidation floor
Break of $2,100 and $2,300 with massive volume between Aug 20-24.
๐ Momentum Indicators
RSI (14): 65.13 โก๏ธ NEUTRAL - Optimistic, still below overbought
Ultimate Oscillator: 46.21 - Short-term weakening after rejection
๐ Chart Patterns
Sideways accumulation Aug 6-19. Breakout on Aug 20 with green candles up to $2,547. Measured target $2,722-$2,970.
๐ Volume Analysis
Huge volume confirming the breakout. On-chain: 180,764 ETH ($440M) left exchanges + 17 new whales >10k ETH (+1.74%) - accumulation validating.
๐ฏ Trade Setup
Bias ๐ BULLISH
๐ฏ Entry $2,462
๐ Stop $2,235 (-9.2%)
๐ฐ Target 1 $2,970 (+20.6%)
๐ฐ Target 2 $5,000 (+103%)
โ๏ธ R:R 1:2.2 / 1:11.1
๐ก Rationale
Strong Up after breaking $2,000. MVRV crossed the 160-day average on Aug 19 and rose 34% ($1,905 > $2,547). Whales accumulating + exchange outflows supports continuation.
โ ๏ธ Risks and Invalidation
Rejection at $2,500 leads to $2,300. Closing below $2,235 invalidates. The 16.7M ETH zone between $2,722-$2,970 is massive supply.
๐ Confidence
๐ถ MEDIUM - Strong breakout with on-chain support, but a heavy barrier until $2,970.
#ETH #Ethereum #Bitcoin #Crypto #Trading