Technical analysis by Bolems about Symbol ETH: Buy recommendation (8/18/2024)

The chart provided shows an Ethereum (ETH) price movement against the US Dollar (USD) on a 1-hour time frame. The expectation is for a long position, indicating a bullish outlook.Analysis:Current Price Action: The chart shows a consolidation phase after a downtrend, indicating a potential reversal. The price has found support around $2,610, which aligns with the previous low, and there's a visible bullish momentum.Key Levels:Entry Point: The current level at $2,614.04 seems to be a potential entry point for a long position.Stop Loss: A stop loss could be placed just below the recent low around $2,586, to protect against a downside move.Take Profit: A potential take profit level could be set at $2,782.61, which aligns with the previous high and offers a favorable risk-reward ratio of 1:2.Conclusion:Given the current market structure and the formation of a higher low, a long position could be justified. The consolidation and support around the $2,610 mark suggest that buyers may step in, pushing the price towards the $2,782.61 target. However, it's important to monitor the market closely and adjust the strategy as necessary based on further price action.