🚨🚨 ETHUSDT Weekly Analysis: Ethereum’s Support Hanging by a Thread?

📉 Challenging MA200 – The Bearish Pressure Builds

Good Monday, fellow crypto enthusiasts! 🌐 Let’s 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. Let’s break it down:

1️⃣ MA200: Tested Multiple Times – 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, it’s now being challenged again and again. 📉 Three consecutive weeks of testing this support without bullish momentum suggests the level is fragile.

2️⃣ Weak Volume – Bullish Move Lacks Power

Although prices have bounced from the MA200 support, there’s 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 trend—posting lower highs and lower lows—the next test could finally break this support.

🔻 What’s 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.

⚠️ Prepare for Impact – 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. November’s correction might produce a higher low, signaling the start of long-term growth.

🔮 Patience and preparation are essential as we wait for the market’s next move.

$ETH

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