Ethereum (ETH) continues to show volatility, and the current technical picture shows possible scenarios for the development of events in the market. Let's look at the key points.
1️⃣ Support and Resistance:
The chart shows that the ETH price is holding within the range of $2,488 to $3,097. This range will be key in the coming weeks, as a break of one of the levels can indicate the direction of further movement.
2️⃣ Indicator:
The moving averages (MA) are pointing to a downtrend, where the 7-day MA has crossed below the 25-day MA, confirming the bearish trend. The price is also below the 99-day MA, indicating long-term pressure on the asset. The Parabolic SAR indicator is showing sell signals, confirming the current bearish sentiment in the market. The Ichimoku indicator is also confirming the decline, as the price is below the Ichimoku cloud, indicating a bearish market.
3️⃣ Potential Scenarios:
Bullish scenario: If the price can hold above the $2,488 support level and start a recovery, we may see an attempt to return to the $3,000 level and above. Bearish scenario: In case of a breakout of the $2,488 level downwards, the next support is at $2,200, which may become a new target level for sellers.
4️⃣ Conclusion:
The situation on the Ethereum market remains tense, and the coming days will be critical in determining the direction of further price movement. Investors should be attentive and monitor key levels to react to changes in time.
Be careful and manage your risks! 📉💡
