๐ ETHEREUM UNDER BEARISH PRESSURE! โ ๏ธ IS THERE CRITICAL SUPPORT AT $2,000 OR CONTINUED DECLINE?
The daily chart of ETH/USDT shows a predominantly corrective outlook in recent days. Currently trading at 2,070.29 with a drop of -1.03%, the second-largest cryptocurrency in the market is struggling to find solid ground as sellers maintain the upper hand in the short term.
๐ Trend and Indicator Analysis
Trend: Bearish and corrective in the short term. After being rejected at higher levels, the price has been making lower highs, clearly operating in the lower half of its recent structure.
Moving Averages (MA): Severe dynamic resistance. The price is trading below the MA(7) at 2,096.31, indicating that immediate selling pressure remains active. Higher up, the cross of the MA(99) at 2,159.37 and the MA(25) at 2,216.64 are consolidating as a very strong institutional ceiling that will require massive buying volume to be surpassed.
Bollinger Bands (BOLL): Moving towards the lower support zone. After losing the middle band (MB) at 2,187.17, the price maintains a direct bearish trajectory aiming to test the liquidity of the lower band (DN) located at 1,991.25.
๐ก Trading Strategy: Buy or Sell?
Buy?: Executing buys at the current price entails high risk due to the inertia of the daily correction. The technically optimal area to seek long positions or accumulation in Spot is at the confluence between the psychological support of $2,000 and the lower Bollinger band at $1,991.25.
Sell / Stop Loss?: Any weak bounce towards the MA(7) zone (2,096.31) offers an ideal scenario for opening short positions in favor of the immediate trend. For risk management, it's crucial to set a strict Stop Loss if the price closes a daily candlestick below 1,990, as it would open the path to seek the major support at 1,835.36.
$ETH
May the Lord bless and prosper anyone trading here.
The daily chart of ETH/USDT shows a predominantly corrective outlook in recent days. Currently trading at 2,070.29 with a drop of -1.03%, the second-largest cryptocurrency in the market is struggling to find solid ground as sellers maintain the upper hand in the short term.
๐ Trend and Indicator Analysis
Trend: Bearish and corrective in the short term. After being rejected at higher levels, the price has been making lower highs, clearly operating in the lower half of its recent structure.
Moving Averages (MA): Severe dynamic resistance. The price is trading below the MA(7) at 2,096.31, indicating that immediate selling pressure remains active. Higher up, the cross of the MA(99) at 2,159.37 and the MA(25) at 2,216.64 are consolidating as a very strong institutional ceiling that will require massive buying volume to be surpassed.
Bollinger Bands (BOLL): Moving towards the lower support zone. After losing the middle band (MB) at 2,187.17, the price maintains a direct bearish trajectory aiming to test the liquidity of the lower band (DN) located at 1,991.25.
๐ก Trading Strategy: Buy or Sell?
Buy?: Executing buys at the current price entails high risk due to the inertia of the daily correction. The technically optimal area to seek long positions or accumulation in Spot is at the confluence between the psychological support of $2,000 and the lower Bollinger band at $1,991.25.
Sell / Stop Loss?: Any weak bounce towards the MA(7) zone (2,096.31) offers an ideal scenario for opening short positions in favor of the immediate trend. For risk management, it's crucial to set a strict Stop Loss if the price closes a daily candlestick below 1,990, as it would open the path to seek the major support at 1,835.36.
$ETH
May the Lord bless and prosper anyone trading here.