#ETH/USDT Technical Analysis Chart By CryptoPatel
#ETHUSDT Exclusive Technical Analysis Chart:-
I have conducted a technical analysis of Ethereum (ETH) and found that it is currently trading at $1600, which is a significant 81% drop from its all-time high.
However, the chart indicates that it was recovered and hit $2030, which is a 127% increase from its recent low.
Currently, a bearish pennant formation can be seen in the high timeframe (HTF) chart, and ETH is trading near the pennant resistance level of $1750. The pennant support level is at $1180. If ETH breaks down below the pennant support level of $1180, it may free fall towards $500.
This is my personal opinion and not financial advice. I strongly recommend conducting your own research before investing.
Based on the fractals of the previous bull market, the 1, 2, and 3 counts are almost complete, and we are waiting for count 4, which is expected to be around $500. The last count, count 5, is expected to be around $12000, and this will be my exit point.
There are strong support levels at $1180 and $500,
Resistance levels at $1750, $2500, $4800, and a new all-time high (ATH).
It is important to keep an eye on the pennant resistance level of $1750.
If the candle closes above this level, we may move toward a bullish scenario.
However, personally, I am bearish below count 3.
I have spent a lot of time conducting this chart analysis, and I would appreciate it if you could share your views and like it if you find my analysis useful.
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