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Weekly forecast Ethereum technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1190.00 to 1075.00). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1190.00)
  • Ending of entry zone (1075.00)

DateSeptember 25, 2023 - 13:05
Currentrange bound
Forecastcontinuation of uptrend

Midterm forecast:

  • While the price is above the support 1500.05, continuation of uptrend is expected.
  • We make sure when the resistance at 1876.50 breaks.
  • If the support at 1500.05 is broken, the short-term forecast -continuation of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1580 on 2023-08-22 and the trough at 1531.01 on 2023-09-11, the probability of downtrend continuation is decreased and the probability of continuation of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1669.50 on 09/18/2023, so more losses to support(s) 1580.00 and minimum to Major Support (1500.05) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 40.

Take Profits:

  1. 1385.45
  2. 1500.05
  3. 1680.00
  4. 2030.00
  5. 2488.19
  6. 2724.63
  7. 3146.52
  8. 3580.00
  9. 4140.98
  10. 4493.30
  11. 4868.00
Click on the level to view price action history.

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