Alright team, let's break down this juicy ETH chart and see what's cooking. The weekly candle close is signaling conviction, proving that the bulls are defending key macro support levels fiercely.
Technical Analysis
Analyzing the ETH/USDT 1W chart, we see a textbook continuation pattern. The recent pullback successfully retested the macro ascending trend channel and the crucial horizontal support level at $2,600. This level has proven to be a fortress. As long as we maintain price action above this major support zone, the path of least resistance is up. Our primary target is the previous all-time high region at $5,400.
Fundamental Boost
On the fundamental side, Ethereum remains unstoppable. Following the successful Dencun upgrade, which drastically lowered L2 fees, the entire ecosystem is booming. Crucially, the market is bracing for the imminent launch of US spot Ethereum ETFs, which is expected to provide massive institutional capital inflows and further legitimize the asset.
Action Plan
This bounce presents a prime opportunity for long-term accumulation. I am confident in a strong reversal from here. We hold the line at $2,600 and aim for the $5,400 target in the coming months. Maintain your stop-loss discipline below the trendline.
Highly recommend HOLD and Stacking ETH at Binance
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