Technical analysis by mcpnz about Symbol ETH: Buy recommendation (1/9/2024)

Below the technical analysis of ETHUSDT Timeframe: 1 weekThe main supports and resistances are indicated in the idea: the purple one is the most important.A trendline starts from the green support: if this were to be invalidated by touching 1500-1600, a negative scenario would open up in the short term for ethereum.The narratives on spot ETFs on eth that will exist between now and May could help ethereum rise towards the $3000 threshold, where the blue resistance starts.In a hypothetical bullish cycle (probably just starting) ethereum could easily break the light green zone at the top and could see new highs as early as next year.Today marketcap: 270B