Technical analysis by cryptodailyuk about Symbol ETH on 7/8/2025

📊 Trend structure (Price Action)Downtrend (historical):A series of Lower Highs (LH) and Lower Lows (LL) — a classic downtrend.Confirmed by the orange downtrend line.A change in structure — a possible beginning of an uptrend:A Higher Low (HL) has recently been formed after a Lower Low (LL).Suggests a possible end to the downtrend and an attempt to break out upwards.Currently:The price is testing the upper downtrend line.A breakout above the orange line may confirm a trend change.🟢 Key Resistance Levels (Green Lines):Level Meaning3.058 USDT Potential target after a breakout from consolidation2.767 USDT Nearest strong resistance - currently being tested3.427 USDT Deep resistance level from the previous high (HH)🔴 Key Support Levels (Red Lines):Level Meaning2.234 USDT Nearest support - previous breakout1.883 USDT Early 2023 support1.507 USDT Local bottom1.204 USDT Historical support - LL extreme📉 Stochastic RSI (Momentum Indicator):Currently in the overbought zone.This may suggest a short-term correction before an actual breakout.However, in a strong uptrend, the indicator may "hang out" in the overbought zone for a long time.📈 Potential scenario:If the breakout above 2.767 and the orange trendline holds:A possible move to 3.058 USDT as the first target.Extended target: 3.427 USDT (HH).If the breakout fails:Correction to 2.234 USDT or lower.There is a risk of returning to a downtrend.✅ Bullish signals:Higher Low (HL) formation after Lower Low (LL).Testing the upper downtrend line with an attempt to breakout.Volume is increasing (based on candles).⚠️ Bearish threats:Stochastic RSI in the overbought zone.Breakout not confirmed by 100% (needs a weekly closing candle above 2.767).Resistance at 3,058 could halt the move.📌 Conclusion:Ethereum (ETH) could be on the cusp of a new uptrend, but a breakout above 2,767 USDT is needed for confirmation. If it does, a move to 3,058 and then 3,427 is possible. However, the current overbought level on the Stochastic RSI could signal a short-term correction before the trend gains strength.