Technical analysis by KiaEskandari about Symbol ETH: Buy recommendation (3/16/2025)

Ethereum (ETH) is showing signs of breaking out from a descending channel on the 4-hour timeframe. The price has been consolidating near the upper boundary of the channel, and a breakout above this resistance could signal the start of an uptrend. •Key Levels: •Resistance to break: $1,950 - $2,000 •Potential targets: $2,274, $2,335 •Support: $1,800 •Technical Indicators: •The 200 EMA (blue line) is currently above the price, indicating a broader downtrend. However, a successful breakout could challenge this trend. •Price action is forming higher lows, suggesting increasing buying pressure. •If the breakout is confirmed, we could see a move towards $2,274 and $2,335 in the coming days. •Trade Plan: •Entry: Upon confirmed breakout and retest of the channel. •Stop-loss: Below $1,880 (depending on risk appetite). •Take profit: $2,274 - $2,335. This setup presents a potential trend reversal opportunity for ETH if the breakout sustains. However, failure to break resistance may result in a rejection back into the descending channel. What are your thoughts on this setup? Let me know in the comments!