Technical analysis by ArShevelev about Symbol ETH: Buy recommendation (9/17/2024)

Hello, fellow traders! I'm excited to share my latest insights on Ethereum. Let's dive into the long-term trends and what they might mean for us in the upcoming months.Current Market StructureEthereum's price is developing within a long-term rising channel, showcasing a series of higher lows and higher highs since 2022. This pattern indicates a sustained bullish momentum.Key Support Level: $2,000This level is crucial. Holding above $2,000 suggests Ethereum may continue to rise within the channel.A breakdown below could signal a potential shift in the trend.Potential Price MovementsUpside Potential:If Ethereum remains in the rising channel, there's a strong chance we could see a move up to the previous all-time high (ATH) around $4,200.Breaking above $4,200 might pave the way for new ATHs.Resistance and Reversal Risks:The previous ATH at $4,200 could act as a significant resistance point.There's a possibility of a pullback from this level, potentially leading to a "stop-loss hunt" scenario that might drag prices down to the $3,400–$3,200 area.My OutlookI'm anticipating movement within the rising channel towards $4,200 in the coming months. At this key level, caution is essential. Considering taking profits or adjusting positions could be a wise strategy.What do you think about Ethereum's current setup? Are you observing similar patterns or have a different perspective? I'd love to hear your thoughts!If you found this analysis helpful, please give it a like and follow for more crypto insights. Best of luck to all the hodlers and traders out there!What do you think about Ethereum's current setup?I want to correct a mistake in the text. The ATH was mentioned as $4,200, but the correct value is $4,800.Here is the full ETHUSDT history chart-50BPS rate cut, we're already seeing a positive move on many assets and #ETH is no exception!Ethereum is facing some rejection at $2,572 today. There could be a potential retracement to support levels around $2,449 or $2,400 over the weekend. As usual, the crypto market tends to lack liquidity on Saturdays and Sundays.Keep watching this supports and how they hold. Keep ya heads up!