Alright team, let's zoom out and analyze this monumental ETH/USD weekly chart! The long-term picture for Ethereum is absolutely screaming bullish potential.
- Analysis: After successfully navigating the 2022 bear market, ETH has been in a strong, well-defined bull trend, respecting a clear ascending support zone since early 2023. The foundational long-term support is evident around $871.51. Currently trading around $4,710.60, price is showing incredible strength and is clearly targeting a significant resistance level.
- Game Plan: The chart indicates a powerful move towards the major long-term resistance at $7,917.45. This isn't just a target; it's a massive psychological and historical zone. Traders should watch for sustained momentum towards this level. Accumulation on healthy pullbacks within the ascending channel remains a strong long-term strategy. The overall trend remains unequivocally bullish.
Disclaimer: This is my personal analysis, not financial advice (NFA).
Are you bullish on ETH's journey to $7,900+? Let me know your thoughts below! 👇
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