Ethereum (ETH) is currently trading around $2,006.65, experiencing slight fluctuations as it hovers near a key support zone. Over the past week, ETH has exhibited a descending triangle pattern, indicating a potential bearish continuation unless a breakout occurs.
Weekly Chart Analysis
On the weekly timeframe, ETH has been forming lower highs, suggesting increasing selling pressure. However, strong horizontal support around $1,970 has prevented further decline, making this a critical level for traders to watch.
Key Support and Resistance Levels
- Immediate Support: $1,970 – Holding this level could lead to a short-term bounce.
- Second Support: $1,929 – A breakdown below $1,970 may lead to a test of this level.
- Major Resistance: $2,065 – A move above this could signal bullish strength.
- Second Resistance: $2,119 – A breakout beyond this point would indicate a stronger uptrend.
Technical Indicators
- RSI (Relative Strength Index): Nearing oversold territory, suggesting ETH may soon reverse to the upside.
- MACD (Moving Average Convergence Divergence): Showing bearish momentum but nearing a potential crossover, hinting at a possible trend shift.
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Next Move Prediction
Ethereum is currently at a make-or-break level. If ETH maintains support above $1,970, a rebound toward $2,065 is likely, with a potential breakout leading to $2,119-$2,160. However, if ETH breaks below $1,970, bearish momentum could push prices toward $1,929 or even $1,875.
- Bullish scenario: A break above $2,065 could trigger a rally toward $2,119-$2,160.
- Bearish scenario: A drop below $1,970 may push ETH toward $1,875 before finding new support.
Traders should closely watch price action near support zones to determine the next big move.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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