Is the decline in Ethereum over? Why is the 3650 level important?
We witnessed a high-margin rally in Ethereum, starting from 2200's and reaching up to 4090's.
Technical data 📈
RSI is below 50 points and SMA14, which shows us that seller pressure may continue.
When we look at ADX (32 points trend is strong), DI- is strong and shows that the sellers are still strong.
Momentum and MACD also indicate that the downward trend is still continuing.
✅Result
Although there are signs of recovery in short periods of time, we cannot yet see these signals in daily and weekly periods.
In the short term, an increase up to 3650 is considered as a reaction and as long as it cannot stay above this level, seller pressure on the instrument can be expected to continue. The levels to watch below are 3100 - 2930 and 2660, respectively. In addition, there is no need to look for excitement until the 4075 level is permanently exceeded (at least 2 daily or weekly candle closing).
Thank you for reading🙏
