$ETH /USDT Technical Analysis and trading signal
Current Price: $3,673.51
Market Sentiment: Bearish (slight drop of 1.18% in the last 24 hours)
Key Levels:
Support: $3,515.89 (24h low)
Resistance: $3,773.39 (24h high)
Pivot Point: $3,650 (current price)
Trade Signal (Short Trade):
Entry:
Consider entering a short position around $3,673 (current price) or if the price retraces to $3,750 (resistance zone) and fails to break higher.
Target Levels:
1. First Target: $3,590 (near the pivot zone)
2. Second Target: $3,550 (near the support zone)
3. Third Target: $3,500 (recent low)
Stop Loss: $3,780 (slightly above the recent resistance)
Trade Momentum:
Currently, the short-term momentum is slightly bearish, as the price has been fluctuating below the 50 EMA and is facing resistance at higher levels. A pullback or minor retracement can provide an opportunity to short towards support levels.
Strategy:
Short Entry: Enter short at $3,673 or on a retest of $3,750 if it fails to break.
Risk Management: Set a stop loss at $3,780 to limit losses if the market moves against your position.