đ¨đ¨ ETHUSDT Weekly Analysis: Ethereumâs Support Hanging by a Thread?
đ Challenging MA200 â The Bearish Pressure Builds
Good Monday, fellow crypto enthusiasts! đ Letâs dive into Ethereum (ETHUSDT) on the weekly timeframe, and the outlook is not promising. The MA200 support is being repeatedly tested, and each test weakens it. Letâs break it down:
1ď¸âŁ MA200: Tested Multiple Times â The Danger Zone
Ether produced three green weeks while consistently challenging the MA200 as support. Although this level held strong in August and provided a decent price bounce, itâs now being challenged again and again. đ Three consecutive weeks of testing this support without bullish momentum suggests the level is fragile.
2ď¸âŁ Weak Volume â Bullish Move Lacks Power
Although prices have bounced from the MA200 support, thereâs no volume to back it up. This indicates a lack of buyer interest and increases the likelihood of another move down to test MA200 once more. With Ethereum in a major bearish trendâposting lower highs and lower lowsâthe next test could finally break this support.
đť Whatâs Next?
If MA200 breaks, the next significant support levels are between $1,500 and $1,750. These levels will determine whether we see an end to the bearish trend or if the market dives further. In a panic scenario, Ethereum could even dip into the low $1,000 range, potentially hitting $1,000 to $1,200, or a brief wick below 1,000.
â ď¸ Prepare for Impact â A Crash Is Coming
The entire market may feel the force of this downtrend, but there is hope. If this is the last crash of 2024, we could finally see the end of the corrective phase. Novemberâs correction might produce a higher low, signaling the start of long-term growth.
đŽ Patience and preparation are essential as we wait for the marketâs next move.
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