ETH → Is the rally a manipulation? $2800 ahead, what to expect?

28 Sep 2024

ETHUSDT is targeting 2800. Earlier we saw a break of local resistance, which led the coin to rally almost 20% and that's a pretty good move...



The dynamics on ETH over the last 5 months is very negative, on the background of the same BTC, which continues to hold in a range. At the moment it is worth paying attention to the nearest resistance zone, namely 2800, which is the liquidity zone and range resistance. The area has multiple confirmations indicating strength. As well as the global, descending resistance, the retest of which was last time in the middle of July.
A smooth movement towards the target is forming on H4. There is a high probability to get a false breakout (bounce) and correction to 0.382-0.5 fibo because of the liquidity level formed above. If within the correction the price will continue to update local lows, in this case we should expect a fall to 2600-2500-2300-2100.

Resistance levels: 2800
Support levels: 2600, 2540, 2520

BUT, If after retesting 2800 a small correction (within 0.382-0.5 Fibo) and a return to resistance is formed, or just a prolonged consolidation with gradual price compression to resistance, then in this case we should wait for a growth attempt to 3K-3100. This area with a high probability can turn the market...

Rate, share your opinion and questions, let's discuss what's going on with ★ ETHUSDT ;)

Regards R. Linda!

28 Sep 2024

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29 Sep 2024

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