"Jack's Trading Classroom: ETHUSD Ethereum Upward Trend Analysis"

Currently, we see the 4-hour candlestick chart of ETHUSD, Ethereum has reached the resistance at 1949.0, formed on March 14, 2021. After reaching the high of 1949.0, based on the pattern analysis, Ethereum still appears to be in a bullish uptrend overall, showing a cup and handle pattern on the 4-hour chart.

Currently, we are looking at the 4-hour candlestick chart of ETHUSD. Ethereum has just reached the resistance level of 1949.0, which was formed on March 14, 2021. After reaching the 1949.0 high, based on pattern analysis, Ethereum is still showing an overall bullish trend, presenting a cup and handle pattern on the 4-hour chart.

The upper cup handle of Ethereum does not show resistance as a horizontal line but as a trend line. Currently, both resistance trend lines have been broken. The previous high support level of 1420 is still valid, and it can be considered as a bullish defense area. The overall trend is still judged as bullish.

Using Fibonacci sequence analysis, setting the previous high of 1949.0 as Fibonacci 100 and the low point of 1291.45 as Fibonacci 0, the handle part of the cup and handle pattern mentioned above falls at the Fibonacci 38.2 support level of 1542.63. Therefore, after breaking the previous high of 1949.0, the Fibonacci 127.2-138.2 range indicates a bullish target of 2127.85-2200.18.

If this range is reached, there are two additional bullish targets to pay special attention to: Fibonacci 161.8 at 2555.37 and Fibonacci 200 at 2606.55, which satisfy the cup and handle pattern price increase.

It is important to note that the previous daily high of 2049.15 formed on February 20, 2020, will definitely pose resistance. Be cautious of the rebound risk and avoid using high leverage operations overall. Due to the longer cycle, leverage should be controlled to below 5x or spot trading may be preferable.

In recent days, the cryptocurrency market has seen significant volatility. It is recommended that operators strictly follow risk management and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is personal commentary, please read with caution, as cryptocurrency trading may pose risks to your capital.

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