Alright team, let's break down this juicy $ETH chart and see what's cooking. The Weekly timeframe is screaming 'continuation'.
Technical Analysis
We saw a perfect retest of the major ascending Support Zone, defined primarily by the strong horizontal support at $2,602. The market reacted swiftly to this level, confirming its significance and creating a strong bullish reversal candle on the weekly close. As long as we maintain price action above the $3,000 psychological barrier, the macro uptrend is intact.
Our primary Target (Resistance) remains the previous peak area around $5,396. Breaking this level opens the door to blue-sky discovery for Ethereum.
Fundamental Analysis Boost
The fundamentals for $ETH are exceptionally strong. The network continues to benefit immensely from recent scaling upgrades, which have dramatically improved throughput and reduced fees across Layer 2 solutions. Furthermore, the market remains highly optimistic regarding the potential regulatory approval of spot Ethereum ETFs, adding significant institutional confidence and massive capital inflows.
Action Plan
This weekly bounce confirms the continuation of the multi-year macro uptrend. I view any dips toward $2,800 as strong accumulation opportunities. The path of least resistance is clearly upward toward new all-time highs.
Highly recommend HOLD and Stacking $ETH at Binance
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