ETH/USDT 1W Chart

📊 Trend structure (Price Action)
Downtrend (historical):

A series of Lower Highs (LH) and Lower Lows (LL) — a classic downtrend.

Confirmed by the orange downtrend line.

A change in structure — a possible beginning of an uptrend:

A Higher Low (HL) has recently been formed after a Lower Low (LL).

Suggests a possible end to the downtrend and an attempt to break out upwards.

Currently:

The price is testing the upper downtrend line.

A breakout above the orange line may confirm a trend change.

🟢 Key Resistance Levels (Green Lines):
Level Meaning
3.058 USDT Potential target after a breakout from consolidation
2.767 USDT Nearest strong resistance - currently being tested
3.427 USDT Deep resistance level from the previous high (HH)

🔴 Key Support Levels (Red Lines):
Level Meaning
2.234 USDT Nearest support - previous breakout
1.883 USDT Early 2023 support
1.507 USDT Local bottom
1.204 USDT Historical support - LL extreme

📉 Stochastic RSI (Momentum Indicator):
Currently in the overbought zone.

This may suggest a short-term correction before an actual breakout.

However, in a strong uptrend, the indicator may "hang out" in the overbought zone for a long time.

📈 Potential scenario:
If the breakout above 2.767 and the orange trendline holds:

A possible move to 3.058 USDT as the first target.

Extended target: 3.427 USDT (HH).

If the breakout fails:

Correction to 2.234 USDT or lower.

There is a risk of returning to a downtrend.

✅ Bullish signals:
Higher Low (HL) formation after Lower Low (LL).

Testing the upper downtrend line with an attempt to breakout.

Volume is increasing (based on candles).

⚠️ Bearish threats:
Stochastic RSI in the overbought zone.

Breakout not confirmed by 100% (needs a weekly closing candle above 2.767).

Resistance at 3,058 could halt the move.

📌 Conclusion:
Ethereum (ETH) could be on the cusp of a new uptrend, but a breakout above 2,767 USDT is needed for confirmation. If it does, a move to 3,058 and then 3,427 is possible. However, the current overbought level on the Stochastic RSI could signal a short-term correction before the trend gains strength.