Alright team, let's break down this juicy ETH chart and see what's cooking. Ethereum has been riding a clear uptrend, respecting a well-defined channel for quite some time. We recently witnessed a crucial retest of the lower boundary of this channel, which perfectly converged with a strong horizontal support zone around $3,379.72.
The price is currently hovering around $3,975.21, showing clear signs of a bounce from this critical confluence. This signals that bulls are actively defending this area, potentially setting the stage for the next leg up. Our immediate upside target, based on the established range and previous highs, is clearly marked at $7,009.60. This offers a significant potential return from current levels.
For those looking to accumulate, this presents a compelling risk/reward scenario. It's crucial to keep a close watch on the $3,379.72 support level; a sustained break below it would invalidate this bullish outlook.
Highly recommend HOLD and Stacking ETH at Binance.
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