Technical analysis by Sanhara about Symbol ETH: Buy recommendation (11/21/2024)

Ethereum's weekly chart reveals a promising trajectory, with ETH/USDT demonstrating steady recovery momentum. The price is currently consolidating above the key support zone around $2,800, suggesting the formation of a cup pattern, a classic bullish reversal signal. This pattern indicates growing accumulation and a potential breakout toward higher levels.The exponential moving averages (EMAs) show alignment with the bullish trend, with the 20-week EMA acting as dynamic support. If Ethereum maintains its position above this zone, the next target lies at $3,193, a critical resistance level. A successful breach here could propel ETH toward the significant psychological barrier of $4,000, marking a return to robust upward momentum.