ETHUSD 1h Bullish Reversal Setup

17 Jul

Chart Analysis Summary:

Current Price:

$3,429.21 (at the time of the screenshot)


Trend:

Strong uptrend within a bullish ascending channel.

Price has been respecting the trendline and moving upward steadily.


Key Chart Patterns & Tools:

Ascending Channel: ETH is trading within an upward sloping channel, suggesting bullish momentum.

Ichimoku Cloud (green): Price is trading well above the cloud, reinforcing bullish sentiment.

Breakout Structure: The chart shows a small consolidation/pullback with a projected bullish breakout.


📈 Key Levels:

Type Price Level (USD) Notes

Current 3,429.21 Live price
Resistance 1 3,506.17 Minor resistance
Resistance 2 3,519.55 Immediate breakout target
Final Target 3,650.71 Major resistance and potential price objective


🧭 Price Action Forecast:

If ETH holds above $3,429 and breaks above $3,519.55, the path toward $3,650 remains open.

A small pullback (as indicated by the blue arrow) is expected before continuation.

As long as price remains within or near the ascending channel, the bullish scenario .

✅ Bullish Confirmation:

Break and retest of $3,519.55.

Continued support above the Ichimoku cloud.

Holding the trendline from the ascending channel.

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