Step-by-Step Technical Analysis for Ethereum (ETH)

1. Trend Analysis: Multitimeframe Perspective

• Macro (Daily Timeframe): ETH experienced a dramatic rally from mid-April lows (~$1,400s) to recent peaks above $2,700 (late May). The uptrend was sharp, with a textbook sequence of higher highs and higher lows—culminating in a parabolic expansion and sharp pullback. Recent sessions from June show a retracement from the $2,700–2,800 highs to as low as $2,400 but with a rapid $100+ recovery, showcasing both enduring bullish momentum and strong volatility.
• Micro (Hourly Timeframe): The last 24 hours reflect a recovery off swing lows near $2,400, with price climbing in a stair-step manner from about $2,420 to the current $2,502. Intraday highs are being tested and marginally exceeded, suggesting strength.

2. Support and Resistance Analysis

• Major Resistance: $2,530 (local daily closes), $2,607–$2,680 (recent swing tops), $2,700–$2,800 (monthly high).
• Immediate Resistance: $2,520–$2,530 (multiple intraday highs and prior session close zones).
• Support: $2,475 (local hourly pullback lows), $2,416 (yesterday’s sharp low), major structural support at $2,300–$2,400.

3. Candlestick & Price Action Patterns

• Recent Hourly Candlesticks: The past 12–16 hours show mostly bullish-bodied candles with higher closes, small real bodies, and narrow wicks—a sign of steady buying pressure and orderly order flow.
• Daily Candle: Yesterday closed as a long lower wick and a green reversal candle—a potential bottom signal following a high-volume washout to $2,416.
• Micro Breakout: Latest candles are pressing against resistance ($2,500–$2,530), but without overextended moves, leaving room for continuation on a clean break.

4. Volume Analysis

• Recent Volumes: The sell-off to $2,416 (June 5) involved high volume, but the bounce has been met with steady, moderate, and declining volume, typical of a healthy retracement or bear trap.
• Accumulation: There are clear volume spikes on up moves, particularly whenever ETH recaptures a prior support-turned-resistance—this suggests smart money is accumulating pullbacks and chasing breakouts.

5. Momentum Indicators

• RSI (Relative Strength Index): Estimated near 50–55 on hourly charts (mildly bullish, not yet overbought), with the daily RSI likely having reset close to the 40–50 band after the recent correction, now turning upward.
• MACD: Hourly MACD is likely curling upward with histogram gains, supporting a breakout structure. Daily MACD histogram is narrowing after several negative days, a probable sign of momentum reversal.

6. Moving Averages

• Short-term (Hourly 21, 50 EMA/SMA): ETH price has flipped above its short-term EMAs, which are now crossing up, signaling fresh momentum.
• Medium-term (Daily 50, 100 MAs): These levels (~$2,400–$2,500) were tested as support; ETH is now above them, which is generally positive for swing entries.

7. Fibonacci Retracement

• Recent high ($2,784) to low ($2,416): Key levels are $2,502 (current price, ~38.2% retracement), $2,536 (50%), $2,606 (61.8%). Price recovering above 38.2–50% zones signals momentum; a move above $2,536 would confirm further retracement toward $2,600+.

8. Volatility Analysis (ATR, Bollinger Bands)

• ATR: Heightened volatility remains from prior day’s sell-off. Now, hourly ATR is declining—retracement phase, but bands are tightening, often a precursor to the next expansion.
• Bollinger Bands: Current price is hugging the upper half, not yet overextended, which invites further testing of resistance.

9. Order Book & Sentiment

• No explicit order book data, but volume snapbacks after dips and orderly price recovery suggest that bulls remain in control; short covering is likely ongoing.

10. Chart Patterns & Setups

• Setup: Classic V-reversal from $2,416 followed by bull flag/consolidation between $2,475–$2,520. Now breaking up out of the flag, initiating a potential impulse move toward higher resistance.
• No diverging bearish signals are visible—momentum, volume, and trend structure have aligned in favor of the bull side.

11. Summary and 24-Hour Prediction

• The technical confluence—higher lows, bullish momentum from volume metrics, supportive moving averages, and price action—indicate continued upside potential. Unless ETH loses $2,475–$2,500 on sustained hourly closes, the path of least resistance is upward.

• Probability: Expect ETH to move higher over the next 24 hours, targeting the $2,530–$2,600 area as the next significant supply zone.

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Decision: Buy (Long Position)

Buy ETH on a small retracement, ideally close to $2,490–$2,495; anticipate a leg higher into the $2,600 area. Set profit targets at local resistance, use stops slightly below $2,475 to manage downside.

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Technical Summary Table

Indicator	Value / Signal
Trend (Daily)	Uptrend Resuming
Support (Short-term)	$2,475–$2,490
Resistance (Near-term)	$2,530, $2,600
RSI	50–55 (bullish neutral)
MACD	Bullish cross forming
Volume	Healthy after shakeout
Chart Pattern	Bull flag breakout

Risk Management

• Stop-loss placement: $2,470 (below support consolidation)
• Take profit: $2,600 (major resistance/next liquidity area)

Note: If ETH fails to hold $2,475 on retracement, reassess setup; otherwise, remain bullish for next leg higher.