Ethereum Faces Rejection at $2,461 : Bearish Targets Ahead ?

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Ethereum (ETH/USDT) experienced a significant price rejection from the **$2,461 resistance zone**, showing strong seller dominance. Currently trading near **$2,406**, the trend points towards a bearish continuation. Here’s a breakdown:

Key Levels :

- Resistance : $2,461 - $2,460

- Support Targets : $2,357 (first target), $2,320 (secondary target)

Analysis :

- Ethereum's price has faced multiple rejections around **$2,461**, highlighting strong selling pressure.

- Short-term moving averages are aligning with the bearish trend, signaling further downward momentum.

- The next likely move could push the price toward **$2,357** with the potential to drop further to **$2,320** if the selling pressure persists.

Trading Strategy :

- Short Position : Consider shorting ETH if it struggles near the **$2,414 - $2,461** zone. Target **$2,357** initially, with a further potential drop to **$2,320**.

- Stop Loss : Place a stop above **$2,461** to mitigate risk.

Conclusion & Advice :

Ethereum is showing bearish signals after rejecting the **$2,461** level, favoring short sellers. Keep an eye on support levels for potential reversals, but be cautious of a continued bearish trend.

Advice :

Stay vigilant with stop-loss orders and monitor the price closely near **$2,357** for any signs of stabilization or bounce-back potential.