📢 Technical analysis for the currency $ETH – Daily frame
📍 Current price: $3,875
🔸 Ethereum is trading inside a downward channel, and the price is currently close to the midpoint of the channel.
🔸 The 50 moving average is above the price and represents resistance around $4,050,
while the 200 moving average is below the price and represents strong support around $3,700.
🔸 The lower limit of the channel is around $3,460, and this is a major support level that could stop any current decline.
🔸 The RSI indicator is trying to bounce back up from areas close to the oversold regions ✨
🎯 Positive scenario:
🔼 In the case of breaking above $4,050 and sustaining above it
➡️ Targets: $4,300 – $4,600 – $4,950
❌ Negative scenario:
🔽 Breaking below $3,700 then $3,460
➡️ Targets: $3,300 – $3,000
📌 Note: A bounce from the channel support may indicate a corrective rally, but confirming the breakout is key before any entry.
