Ethereum (ETH/USD) Price Action Analysis (1-Hour Timeframe)

📊 Ethereum (ETH/USD) Price Action Analysis (1-Hour Timeframe) 📈
🔍 Chart Context:
Timeframe: 1-hour (intraday outlook)

Asset: ETH/USD (Binance)

🟠 Key Levels & Observations:
✅ Support Zone:

Around $2,470 - $2,500 (highlighted with orange boxes).

Price consistently tests and respects this area multiple times, indicating strong demand.

✅ Resistance Levels:

First significant resistance: $2,710 - $2,720 (highlighted with blue lines).

Extended target: around $2,760.

✅ Recent Price Action:

Clear higher low formation at the support zone, suggesting potential reversal.

Previous swing highs are well marked (orange circles), hinting at potential resistance retests.

✅ Chart Patterns:

Double bottom / accumulation pattern forming at the highlighted support zone.

Strong bullish reaction expected on successful retest.

🎯 Trade Setup Idea:
Entry: Near $2,500 support zone.

Target: Initial take-profit zone around $2,720.

Extended Target: If momentum continues, $2,760 level.

Stop-Loss: Below $2,470, ideally near $2,450 for risk management.

📈 Technical Bias:
Bullish bias in the short term, driven by repeated support tests and signs of reversal.

Chart hints at breakout potential if price overcomes $2,720.

⚠️ Risk Management & Cautions:
Key risk: False breakouts below $2,470 could trigger bearish continuation.

Maintain a favorable risk-reward ratio (e.g., 1:2 or better).

Market volatility can increase rapidly; keep trade sizes appropriate.

🚀 Summary & Conclusion:
🔵 Bias: Bullish
🔵 Entry Zone: $2,470 - $2,500
🔵 Target Zones:

TP1: $2,720

TP2: $2,760
🔵 Stop-Loss: Below $2,450
🔵 Key Indicators: Structure break, price respecting support, bullish engulfing candle potential.