Ethereum (ETH/USDT) Daily Chart Analysis – Feb 4, 2025
Current Market Overview:
Closing Price: $2,692.12 (-6.52%)
200 EMA Level: $3,128.49 (acting as resistance)
Key Support: $2,250 – $2,400 (Strong Support Zone)
Key Resistance: $3,900 – $4,100 (Demand Zone)
Price Action Insights:
ETH has seen a sharp decline, breaking below the 200 EMA .
Price bounced off the Strong Support area, indicating buying interest .
A recovery scenario suggests ETH could retest the $3,000+ zone before heading towards the demand zone near $4,000.
Trading Strategy:
Bullish Scenario:
A successful higher low formation around $2,750-$2,800 could trigger a move towards $3,250 – $4,000 .
Look for confirmation of bullish momentum with volume increase.
Bearish Risk:
If ETH fails to hold above support ($2,400-$2,500), further downside towards $2,000 is possible .
Final Thoughts:
ETH is at a critical support; a bounce here could offer a great risk-reward opportunity .
Keep an eye on 200 EMA resistance and volume confirmation.
What’s your plan? Are you bullish or waiting for more confirmation? 🤔