🥰🥰ETH price analysis on December 17, 2024
🤩1. ETH is trading around $4,015, up about 1.25% in the last 24 hours.
🤩2. Technical analysis
👍Support: $3,600 USD: An important support level where buying pressure may appear if the price adjusts.
👍Resistance: $4,100: The nearest resistance level, corresponding to the highest peak of the year.
👍$4,300 - $4,500 Next target if the upward momentum continues.
🤩3. Momentum indicator: RSI: Approaching the overbought zone, indicating the possibility of a correction or accumulation in the short term.
🤩4. Commentary: The fact that ETH is testing the highest resistance level of the year around $4,095 USD for the first time in 9 months indicates a strong bullish trend.
🤩5. However, investors need to be cautious
👍High volatility: The cryptocurrency market often experiences significant volatility, requiring tight risk management.
👍Possibility of correction: With the RSI in the overbought zone, the likelihood of a correction or accumulation in the short term is high.
🤩6. Recommendations
👍Short-term investors: Consider taking partial profits and monitoring support levels to reinvest when the price adjusts.
👍Long-term investors: Can continue to hold, but should closely monitor market developments and related policies.
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