Technical analysis by HedonistTrade about Symbol ETH: Sell recommendation (11/6/2024)

Ethereum is showing signs of reaching a local resistance level after a strong upward push. Given the market structure and recent rejection near the resistance zone, a potential short opportunity is developing.Entry: Around the current resistance at 2,700 USDTStop Loss: Set slightly above the recent highs at 2,800 USDT to minimize riskTake Profit Zone: Looking for a pullback to the trendline support around 2,500 USDTAnalysis:ETH has faced challenges in breaking above this level consistently, indicating a possible temporary top in this range. The recent volatility suggests that a correction could be on the horizon as traders lock in profits. The broader trend still holds bullish potential, so this is a cautious short position for a quick gain rather than a long-term reversal bet.Remember, this market moves quickly, so stay alert for any rapid changes. Manage your risk, and trade wisely!DYOR as always.