Ethereum Weekly Chart Analysis

Ethereum Weekly Chart Analysis
Key Observations:
Price Action and Fibonacci Extensions:

Ethereum's price is consolidating near the 0.618 Fibonacci retracement level (~$3,445), with a bullish structure forming.
Upside targets include:
1.618 extension (~$4,502): Short-term target for continuation.
2.618 extension (~$5,433): A mid-term target aligned with prior resistance zones.
3.618 extension (~$6,328) and 4.618 extension (~$7,210): Long-term targets for a sustained breakout.
Trend Indicators:

Moving Averages:
Price is trading above the 50-week EMA (blue) and 200-week EMA (purple), signaling long-term bullish momentum.
The 20-week EMA (orange) is holding as dynamic support, further confirming bullish sentiment.
Recent crossover between shorter-term and longer-term moving averages suggests momentum is strengthening.
Volume:

Declining volume during the consolidation phase implies sellers are exhausted.
A breakout above $3,445 with increased volume could confirm the next bullish leg.
Support and Resistance Levels:

Support Zones:
$3,155 (20-week EMA).
$2,747–$2,475: Strong historical support aligned with the 200-week EMA.
Resistance Levels:
$4,116: Local resistance near prior highs.
$4,820–$5,433: Key zones for bullish continuation.
Divergences:

RSI: Currently neutral (~51), showing room for upward movement without overbought conditions.
ASO (Advanced Stochastic Oscillator): Shows bullish momentum with no clear reversal signal, supporting higher price potential.
Cycle Analysis:
Right Translated Weekly Cycle:
Recent cycle highs have occurred after the midpoint, confirming a bullish bias.
A Weekly Cycle Low (WCL) may have recently formed, acting as a base for further upside.
If Ethereum follows this Right Translated pattern, the next move is likely a higher high.
Trade Outlook:
Bullish Scenario:

A breakout above $3,445 could push Ethereum toward $4,500 and beyond.
Ideal entries are near $3,155–$3,445, with stops below the 200-week EMA (~$2,475).
Bearish Scenario:

A breakdown below $3,155 may lead to retests of support near $2,747–$2,475.
Invalidation of the bullish structure would occur below the 200-week EMA.
Summary for the Post:
Ethereum remains in a bullish structure with strong support from major moving averages and cycle patterns.
Upside targets include $4,500, $5,433, and potentially $6,328 if momentum continues.
Watch for a breakout above $3,445 with volume to confirm bullish continuation, but manage risks with stops below $3,155 or $2,475.