In the 1-hour timeframe of ETH, when the price touches the mid-term simple moving average (SMA), it is important to closely monitor its rebound and decline.
The ether price reached 2,460 USDT and showed an upper shadow (wick); if the candlestick pattern of the rebound continues, we can infer the possibility of a short-term downtrend.
The 2,460 level is significant on the 1-hour chart because it coincides with the mid-term moving average and the short-term moving average on the 4-hour chart, so a strong resistance effect is likely to occur here.
However, if the price does not move upward and no upper shadow appears, we cannot expect it to decline.
