$ETH
ETHUSDT — At Critical Weekly Support After Strong Rejection
ETHUSDT is trading at $2,947.58, testing a crucial weekly support zone between $2,900 - $2,950. This level represents the breakout point from its previous multi-month consolidation and the high-volume node for the recent rally. The price is down nearly -11% weekly after a sharp rejection from the $3,044 high, setting up a binary trade at a major structural level.
Trade Plan (Long - High-Probability Trend Support)
Entry (Long): $2,920 – $2,950 (on a clear bullish reversal signal, such as a 4H hammer or a strong bounce with increasing buy-side volume).
Target 1: $3,080 – $3,120 (retest of the breakdown level and the 0.618 Fib retracement of the weekly drop).
Target 2: $3,200 – $3,250 (full recovery to range highs and the next major resistance zone).
Stop Loss: $2,880 (a close below the weekly swing low and the key $2,900 support invalidates the setup).
My View
This is not a minor level; this is where the bull trend either finds its footing or breaks. The volume profile and macro structure suggest strong institutional interest in this zone. The most probable outcome is a successful defense of this support, leading to a powerful reversal. This is a high-stakes, high-conviction trade for swing traders. Wait for confirmation—let the price show you it has found a bottom with a strong 4H or daily close above $2,980.
