Technical analysis by Hamza_hetic about Symbol ETH: Buy recommendation (7 hour ago)

Ethereum (ETHUSD) is currently experiencing a retracement after a recent upward move, pulling back towards a well-defined support zone. This support area has historically acted as a strong demand zone, where buyers are likely to step in. The price action suggests that once ETHUSD reaches this support, we can expect a bounce that may lead to a continuation of the uptrend. Traders should keep an eye on the price behavior around this support zone, looking for bullish reversal patterns or confirmation signals such as bullish candlestick formations or increased buying volume. This would increase the probability of a successful long trade. The target for this potential upward move is the resistance zone highlighted on the chart, which represents a key supply area where sellers could take profit or push the price down. Breaking above this resistance would confirm a strong bullish momentum and could open the door for further gains. In summary, ETHUSD appears to be in a healthy retracement phase, presenting a potential buying opportunity near support with a target at the resistance. However, caution is advised, and traders should wait for confirmation before entering positions to minimize risk.