Technical analysis by BobbyAxelrode about Symbol ETH: Buy recommendation (1/23/2025)

Ethereum Weekly Chart AnalysisKey Observations:Price Action and Fibonacci Extensions:Ethereum's price is consolidating near the 0.618 Fibonacci retracement level (~$3,445), with a bullish structure forming.Upside targets include:1.618 extension (~$4,502): Short-term target for continuation.2.618 extension (~$5,433): A mid-term target aligned with prior resistance zones.3.618 extension (~$6,328) and 4.618 extension (~$7,210): Long-term targets for a sustained breakout.Trend Indicators:Moving Averages:Price is trading above the 50-week EMA (blue) and 200-week EMA (purple), signaling long-term bullish momentum.The 20-week EMA (orange) is holding as dynamic support, further confirming bullish sentiment.Recent crossover between shorter-term and longer-term moving averages suggests momentum is strengthening.Volume:Declining volume during the consolidation phase implies sellers are exhausted.A breakout above $3,445 with increased volume could confirm the next bullish leg.Support and Resistance Levels:Support Zones:$3,155 (20-week EMA).$2,747–$2,475: Strong historical support aligned with the 200-week EMA.Resistance Levels:$4,116: Local resistance near prior highs.$4,820–$5,433: Key zones for bullish continuation.Divergences:RSI: Currently neutral (~51), showing room for upward movement without overbought conditions.ASO (Advanced Stochastic Oscillator): Shows bullish momentum with no clear reversal signal, supporting higher price potential.Cycle Analysis:Right Translated Weekly Cycle:Recent cycle highs have occurred after the midpoint, confirming a bullish bias.A Weekly Cycle Low (WCL) may have recently formed, acting as a base for further upside.If Ethereum follows this Right Translated pattern, the next move is likely a higher high.Trade Outlook:Bullish Scenario:A breakout above $3,445 could push Ethereum toward $4,500 and beyond.Ideal entries are near $3,155–$3,445, with stops below the 200-week EMA (~$2,475).Bearish Scenario:A breakdown below $3,155 may lead to retests of support near $2,747–$2,475.Invalidation of the bullish structure would occur below the 200-week EMA.Summary for the Post:Ethereum remains in a bullish structure with strong support from major moving averages and cycle patterns.Upside targets include $4,500, $5,433, and potentially $6,328 if momentum continues.Watch for a breakout above $3,445 with volume to confirm bullish continuation, but manage risks with stops below $3,155 or $2,475.