Current Market Conditions:
- đ Altcoins Testing Resistance: Many altcoins, including $ETH, are hitting key resistance levels on higher time frames.
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- đ Bitcoin Spot Selling Off: While Bitcoinâs spot prices are dropping, perpetual contracts are maintaining price levels, indicating potential market imbalance.
Ethereum ($ETH) Analysis:
- đ Downside Targets: Ethereumâs immediate downside target is the 2300-2500 range. A drop below this level could see further declines toward range lows.
- đ Ideal Scenario: Ideally, ETH might see a pullback to the 2300-2500 zone, bounce, and then push into higher time frame (HTF) resistance before any final downturn.
Price Action Considerations:
- đ Bitcoin Influence: Bitcoinâs price action will significantly impact $ETH. A severe Bitcoin decline might cause Ethereum to break below the 2300-2500 support. However, if Bitcoin only experiences a moderate correction, $ETH could bounce and reach new highs before any major drop.
Key Takeaways:
- đ Resistance Testing: Altcoins, including $ETH , are facing crucial resistance levels, setting the stage for potential corrections or breakouts.
- đ Bitcoinâs Impact: Bitcoinâs current sell-off could affect altcoins. Watch Bitcoinâs movements to gauge potential impacts on $ETH and others.
- đŻ Target Levels: For Ethereum, focus on the 2300-2500 range. A failure to maintain this support might lead to further declines, while a bounce could set up for higher targets.
Stay alert and adjust your strategies based on these evolving market conditions. đ
