Ethereum Bounce is On: Eyeing $4,000 Next ā¬ļø
1. Major Price Crash: š Ethereum suffered a violent, sharp drop from its recent high.
2. Peak Price: šļø ETH topped out near $4,755 before the market turned.
3. Crucial Support: š The price found major support and bounced from the $3,435 low.
4. Trend Reversal: š» ETH is now trading below all its key moving averages, confirming a bearish shift.
5. Momentum Failure: š“ The MACD indicator is deep in negative territory, signaling strong selling momentum.
6. Massive Volume: š The selling was confirmed by a huge spike in trading volume.
7. Relief Bounce: ā The price has shown a bounce from the bottom, climbing back above $3,800.
8. Oversold Cooldown: š The RSI has moved up from severely oversold levels, suggesting momentum is normalizing.
9. Key Resistance Ahead: š§± Major resistance sits at the 99-period MA, currently around $4,268.
10. Market Correlation: š The drop mirrored Bitcoin's move, driven by a macro shock (geopolitical news).
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