Ethereum price update on December 16th

This article was written at 15:05. Looking at the daily chart, Ethereum hasn't broken below the short-term low of 2718. Support is around 2750, which is also the weekly support level. Bitcoin touched this support and started to rebound, and Ethereum is likely to follow suit. We won't expect Ethereum to continue testing the 2750 level. The smaller 4-hour chart is also showing lower shadows, presenting a short-term buying opportunity. A recommended entry point is around 2940 for a long position, with a stop-loss at 2840. The initial target is around 3170, which is a minor resistance level. A break above this level could lead to the 3220-3320 range. After reaching this level, monitor the strength of the upward movement; this upward move could potentially reach around 3510. Enter the market at your own discretion. Click on the profile picture above to open my page and discuss market trends. Short-term trading, manage risk, profits and losses at your own discretion.