Analysis $ETH
Have we approached the rebound area after touching the levels of 2,850? 📉🚀
Hello Binance traders! Let's take a quick look at the performance of Ethereum $ETH currently based on the latest technical data:
Displayed technical indicators:
Current price: Ethereum is trading at 2,876.85 USDT, with a decrease of 2.20% over the past 24 hours.
Support and resistance areas: We note that the price recently tested its lowest level at 2,853.00, while nearby resistance remains at the 3,000 barrier that was recently broken.
Relative Strength Index (RSI): The indicator shows a low reading of 27.65, indicating that the currency has officially entered the "oversold" area. Historically, these readings are often followed by upward price rebound attempts.
Bollinger Bands (BOLL): The price is currently moving below the lower band (2,890.96), indicating strong selling pressure but opens the door for the possibility of returning to test the middle line at 2,932.66.
Overview:
Despite the current decline, the trading volume over the past 24 hours remains substantial (around 14.42B USDT), indicating a strong struggle between buyers and sellers at these critical levels.
My question for you:
Do you see that the levels of 2,850 are the current bottom for establishing new buying positions? Or might we see further decline before taking off again? Share your analyses in the comments! 👇