ETH/USDT – Weekly Chart Analysis

ETH/USDT Unique Technical Structure: Large Accumulation + Recovery Setup
This chart shows Ethereum’s price action over the past few years, highlighting key support and resistance areas. A strong visual signal (blue arrow) indicates bullish potential.

Chart Pattern Implications:
The pattern on this chart is not a classical shape (e.g., cup and handle), but it does show a Wyckoff-style accumulation phase followed by a failed breakout and reaccumulation:

Strong base formed between $1,000-$1,400
A series of lower highs and a range-bound structure after the 2022 peak
The bullish projection illustrated by the arrows shows a potential recovery towards the ATH again

This setup suggests that Ethereum is at a critical juncture – either:
It retests current support and begins a new uptrend.
Or it risks another test of the $1,400-$1,050 range before a breakout.

Risk-Reward: Current levels ($1,796) offer attractive long-term entries if you’re bullish.
Caution Zone: If ETH breaks below $1,400 with volume, $1,050 becomes the next key defense.

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DYOR. NFA