$ETH Technical Analysis of Ethereum (ETH):
Current Trend: Ethereum has experienced a significant correction in the last 24 hours, with a drop of nearly 9.30%. This decline follows a period of growth driven by the overall increase in the cryptocurrency market.
Key Supports and Resistances:
Main Support: Identified around $3,500 USD, a level that has acted as support in previous corrections.
Immediate Resistance: Located around $3,900 USD, which Ethereum must surpass to regain an upward trend.
Technical Indicators:
Relative Strength Index (RSI): Currently in neutral territory but approaching oversold levels, which could indicate a potential bullish reversal.
Moving Averages (MA): The 50-day MA is above the 200-day MA, suggesting a medium-term bullish trend, although the recent drop could jeopardize this.
Possible Entry Points:
Conservative Entry: Wait for confirmation of solid support around $3,500 USD and signs of bullish reversal, such as an RSI recovering from oversold levels.
Market Volatility: Cryptocurrencies are highly volatile, and it is recommended to have a clear selling plan in case of gains or losses.
Fundamental Analysis: Stay alert to news and developments in the Ethereum ecosystem that may influence its price, such as network updates or regulatory changes.
Remember that you should only invest what you are willing to lose.