🌞 Update market [09/12] [ETH]. 💵
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📉 Technical Insight:
On the H4 frame, Ethereum is moving within a sustainable upward price channel, respecting the white support trendline (connecting the progressively higher lows). The market structure remains Bullish as the price is above the Ichimoku cloud.
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☁️ Indicator signals:
Stoch RSI is heading down from the 60 range, indicating that upward momentum is temporarily stalling and sellers are applying slight corrective pressure. However, selling volume is not spiking, this is merely a "rest" (consolidation) phase to accumulate energy before breaking through the resistance area of 3,200.
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💡 Trading mindset:
The current price area of 3,100 is quite ambiguous. Instead of entering immediately, the optimal strategy (High R:R) is to patiently wait for the price to "retest" the upward trendline coinciding with the lower edge of the purple support box. This is a solid psychological support point for buyers.
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RECOMMENDED POSITION
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📈 LONG LIMIT (Waiting to buy)
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🔹 Entry: 3,030 - 3,060 (Confluence area of strong support and upward Trendline)
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🔻 Stoploss (SL): 2,960 (Cut loss if the price breaks below the important horizontal support area of 2,978 and the upward structure fails)
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🎯 Take Profit (TP):
TP1: 3,180 - 3,220 (Re-testing the old peak/Purple resistance)
TP2: 3,350 (Expecting a breakout to widen the range)
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This article is for informational purposes only and is not an investment call! #DYOR #NFA $ETH
