ETHUSD traded around 2,849.49 this week, successfully breaking above the mid-range resistance of 2,526.52. This bullish weekly candle shows strong momentum, pushing the price back into the Ichimoku cloud and suggesting potential trend reversal toward a medium-term bullish bias.
The price has closed decisively above the Tenkan-sen and Kijun-sen lines, reentering the Ichimoku cloud. This signals a shift in market sentiment, especially with the bullish candle supported by increasing Bull Power at 501.47. The Chikou Span is still below the price action, so confirmation of a true bullish trend remains pending.
The price has broken through the 20-week SMA from below, further strengthening the bullish case. The next key resistance lies at 3,294.20, coinciding with the top of the Ichimoku cloud and a previous reversal point.
Market Observation & Strategy Advice
1. Resistance Levels: Next major resistance is located at 3,294.20, a critical structure from February highs.
2. Support Zones: Immediate support now flips to 2,526.52, followed by stronger base support at 1,570.29.
3. Ichimoku Cloud Context: Price inside the cloud shows transitional market phase — potential for trend reversal, but requires a clear breakout above the cloud for confirmation.
4. Bulls Power (13): Currently at 501.47, indicating growing bullish pressure and rising demand.
5. Trading Strategy Suggestions:
- Trend Continuation Buy: Consider buying on any weekly close above the cloud top (~3,100) targeting 3,294.20 and beyond.
- Pullback Entry: Look to buy on retest of 2,526.52 with bullish confirmation.
- Range Watch: If price consolidates inside the cloud, expect choppy moves — avoid aggressive positions without breakout confirmation.
Market Performance:
Crypto Last Price % Change
BTCUSD 108,624.20 −0.07%
LTCUSD 91.553 −0.03%
Today’s Key Economic Calendar:
UK: GDP MoM
US: PPI MoM
Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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