TradeCityPro | Ethereum: Break Key Levels for Bullish Momentum

👋 Welcome to TradeCity Pro!
In this analysis, I want to examine Ethereum for you. The queen of the crypto market, with a $497 billion market cap, is ranked 2nd on CoinMarketCap.

⏳ 4-Hour Timeframe
This coin, in the 4-hour timeframe, after breaking the range box at the ceiling and moving towards the $3800 level, is now in a corrective phase and has made an upward movement.

⭐ The $3800 range is a very important level for Ethereum, and this zone was not broken even during the Flash Crash that occurred on Friday, and it managed to hold the price.

🚀 Now, the price has moved towards the range between 0.5 and 0.618 Fibonacci, and has been rejected once from this zone.

📊 The volume has not increased significantly during this move and has mostly been range-bound, but since the price has created a higher low at the $3971 level, if the buying volume increases, we can get a bullish confirmation with a break of the $4255 level.

💥 Since this coin is bullish on higher timeframes and is currently undergoing a correction on lower timeframes, if the price gives us a small bullish confirmation, we can take advantage of it and open a long position.

💡 The main resistance for Ethereum is the $4718 level. Breaking this level will initiate the next wave for Ethereum on higher timeframes, such as weekly charts. Therefore, I will try to open a long position on Ethereum before this level is broken.

📈 The suitable trigger right now seems to be a break of $4255. With this break, the price can move towards $4718, and if this level is broken, we will have a very good and attractive entry point for a long position on Ethereum.

📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

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