๐จ Ethereum slides dangerously! ๐ Last bastion of support or imminent capitulation?
ETH/USDTโs daily chart shows a clear intensification of selling pressure over the last few sessions. The price is currently at 1,555.16, recording a -1.53% drop over the last 24 hours and provisionally closing the latest session with a negative variation of -1.19%. The bears maintain absolute control of the scenario.
๐ Trend Analysis and Indicators
Trend: Strongly bearish in the short, medium, and long term. Technical control remains uninterrupted on the sell-side. Price is trading below its fast moving average MA(7), at 1,613.30, established as the first major immediate dynamic resistance. The underlying corrective bias is confirmed by trading far below the intermediate MA(25) (1,672.63) and the institutional MA(99) (2,060.50).
Bollinger Bands: The quote is moving tightly along the lower channel, staying very close to the lower band limit (DN: 1,534.05). This indicates a high-volatility scenario and a strong daily oversold condition. The central middle axis (MB: 1,675.54) is far away as a major resistance in case of recovery, while the upper band is located at 1,817.04.
Control Floor: The absolute medium-term structural support and the last wall for buyers is exactly at the prior low of 1,505.68.
๐ก Trading Strategy: Buy or Sell?
Buy (Spot/Long)?: A quick technical bounce is viable between 1,510.00-1,545.00 due to oversold conditions. Mandatory Stop Loss below 1,495.00.
Sell (Short)?: Aligned with momentum. Avoid immediate shorts due to DN support. High probability of shorts on failed bounces/rejections with volume at the MA(7) resistance (1,613.30). Target: 1,505.68.
#ETH #TechnicalAnalysis
May the Lord bless and prosper whoever operates here, in the name of Jesus$ETH
ETH/USDTโs daily chart shows a clear intensification of selling pressure over the last few sessions. The price is currently at 1,555.16, recording a -1.53% drop over the last 24 hours and provisionally closing the latest session with a negative variation of -1.19%. The bears maintain absolute control of the scenario.
๐ Trend Analysis and Indicators
Trend: Strongly bearish in the short, medium, and long term. Technical control remains uninterrupted on the sell-side. Price is trading below its fast moving average MA(7), at 1,613.30, established as the first major immediate dynamic resistance. The underlying corrective bias is confirmed by trading far below the intermediate MA(25) (1,672.63) and the institutional MA(99) (2,060.50).
Bollinger Bands: The quote is moving tightly along the lower channel, staying very close to the lower band limit (DN: 1,534.05). This indicates a high-volatility scenario and a strong daily oversold condition. The central middle axis (MB: 1,675.54) is far away as a major resistance in case of recovery, while the upper band is located at 1,817.04.
Control Floor: The absolute medium-term structural support and the last wall for buyers is exactly at the prior low of 1,505.68.
๐ก Trading Strategy: Buy or Sell?
Buy (Spot/Long)?: A quick technical bounce is viable between 1,510.00-1,545.00 due to oversold conditions. Mandatory Stop Loss below 1,495.00.
Sell (Short)?: Aligned with momentum. Avoid immediate shorts due to DN support. High probability of shorts on failed bounces/rejections with volume at the MA(7) resistance (1,613.30). Target: 1,505.68.
#ETH #TechnicalAnalysis
May the Lord bless and prosper whoever operates here, in the name of Jesus$ETH