Technical analysis by MangoMan4 about Symbol ETH: Buy recommendation (3/11/2025)

Overview:Ethereum is currently testing a significant price zone after breaking out of a long-term symmetrical triangle pattern on the monthly chart. The recent drop has brought ETH to a major support area, which could act as a strong demand zone before a potential reversal.Key Observations:Symmetrical Triangle Breakdown:ETH/USDT formed a symmetrical triangle over multiple years, representing a period of consolidation.The price recently broke below the lower boundary of this pattern, leading to a sharp decline.Major Support Zone (Potential Bounce Area):The black box highlights a key demand zone between $1,750 – $1,800.This area previously acted as a support level in the past market cycles.If buyers step in, ETH could see a strong rebound from this region.Reversal Area Target ($6,000+):The chart suggests a potential long-term rally if ETH holds the current support and reclaims key resistance levels.The expected price trajectory follows a higher-high, higher-low pattern toward the $6,000 zone.This target aligns with the previous all-time high zones and Fibonacci extension levels.Bearish Scenario (Risk Consideration):If ETH fails to hold the $1,750 support, the next significant support level is near $1,500 - $1,200.A continued downtrend could invalidate the bullish recovery scenario.Trading Strategy Considerations:✅ Bullish Setup (Rebound from Support)Entry: Near $1,750 - $1,800, looking for a bullish confirmation (e.g., daily/weekly green candle).Target 1: $2,500 (prior support turned resistance).Target 2: $3,500 (mid-range resistance).Target 3: $6,000 (full breakout target).Stop-loss: Below $1,700, in case of further breakdown.❌ Bearish Setup (Breakdown Below Support)If ETH closes below $1,750, the next downside targets are:$1,500 (key psychological level).$1,200 (historical support zone).Conclusion:Ethereum is at a make-or-break point after breaking its long-term triangle pattern.Holding $1,750 could spark a massive bullish reversal, with potential upside toward $6,000+.A failure to hold support may lead to deeper corrections.Traders should monitor the $1,750 level closely for confirmation before entering positions.🚀 What’s Next?Watch for bullish price action signs (e.g., long wicks, strong green candles) around the $1,750-$1,800 area before making a move. If ETH reclaims $2,500, it could signal a strong recovery phase.