ETH Price: Bearish Signals Dominate as Key Levels Emerge - Trade Wisely

The $ETH price is exhibiting a mixed technical landscape on the 4-hour chart, signaling potential volatility in the short term. Current closing prices indicate a downward trajectory, with Ethereum closing at $3,347.68, suggesting persistent selling pressure. This trend is mirrored in the 9 EMA and 20 EMA, both of which are trending downward, confirming a bearish short-term sentiment.

The MACD indicator further accentuates the bearish outlook. The MACD line has crossed below the signal line, with a consistently negative histogram, signaling strong bearish momentum. This suggests that the downtrend might continue in the near future unless there's a significant change in market dynamics.

Additionally, the RSI levels have been declining, falling from 46.63 to 35.81. An RSI below 50 typically indicates bearish sentiment, and with RSI approaching oversold territory, it might suggest that the selling could be overextended, potentially setting the stage for a short-term rebound.

For potential resistance, traders should keep an eye on the $3,408.08 and $3,419.6 levels. These levels are crucial as they represent areas where selling pressure could re-emerge, capping any upward movements. A break above these levels could open the door for a test of the $3,460.5 resistance, a more significant barrier that could determine the medium-term trend.

On the downside, support is expected around $3,280.3 and $3,206.17. These levels could offer buying opportunities if the price action shows signs of stabilization. The $3,160.48 level is a critical support that, if breached, could lead to accelerated selling, pushing #ETH to new lows. #ETHETFS #altcoins #Ethereum
The full analysis and trade strategy were originally posted on ecoinimist.com.