$ETH
has encountered significant selling pressure, struggling to hold its ground above the key psychological and technical level of $3,000. After a period of relative stability, ETH experienced a sharp rejection from this resistance, leading to a broader correction in the market.
Technical Breakdown:
The provided 4-hour chart (a representation of the current scenario) clearly illustrates the battleground at $3,000. Each time the price attempted to break above this horizontal resistance zone, sellers aggressively stepped in, creating long upper wicks on the candlesticks and pushing the price down.
This area is critical as it previously served as strong support, and its loss has flip-flopped it into major resistance.
Currently, ETH is trading in the mid $2,800s, searching for immediate support. The next crucial level on the downside is the $2,800 - $2,820 range, which acted as a support floor earlier in the month.
Indicators:
RSI (Relative Strength Index): The RSI on the 4-hour chart is trending downwards and is currently hovering around the 40 level. This indicates increasing bearish momentum and suggests that the price is not yet in oversold territory, potentially leaving room for further downside.
Volume: During the recent rejection from $3,000, selling volume was noticeably high, which lends further credibility to the resistance level and underscores the strength of the current correction.
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