$ETH is currently bearish, trading below key moving averages, and hasn’t shown a clear sign of reversal yet. While the RSI suggests ETH is nearing oversold levels, bearish momentum remains.
Immediate Support: ETH is hovering near its first major support at $2,392, followed by stronger support levels around $2,350 and $2,312. These levels could hold if buyers step in.
Resistance: On the upside, ETH will face resistance at $2,464 (7 EMA) and $2,518 (1st standard deviation resistance).
**Trading Strategy**
If you’re considering a long position, it’s wise to monitor whether ETH can hold above $2,350. If ETH bounces from this major support zone, it could signal a potential buying opportunity. For a safer approach, wait for a break above $2,464 (EMA 7) to confirm bullish momentum.
Stop-loss: If entering at these levels, consider setting a stop-loss below $2,350 to manage risk in case the downtrend continues.
