$ETH Market Update 🔴
Current Price: $2,807.05 (-1.73%)
Key 24h Statistics:
· 24h High: $2,861.89
· 24h Low: $2,716.04
· 24h Volume: 731,298 ETH ($2.05B)
· 24h Range: $145.85 (Moderate volatility)
Technical Analysis Overview
$ETH is experiencing moderate selling pressure, trading in a defined range between key support and resistance levels with substantial volume indicating active institutional participation.
Critical Price Levels
Resistance:
· Immediate: $2,861 (24h High)
· Strong: $2,985
· Major: $3,454
Support:
· Immediate: $2,716 (24h Low)
· Strong: $2,623
· Critical: $2,516
Market Outlook & Price Action
ETH shows bearish near-term momentum with several technical observations:
· Moderate Decline: -1.73% indicates sustained selling pressure
· High Volume: $2.05B confirms active institutional trading
· Range Bound: Trading between $2,716-$2,861 channel
· Broken Structure: Well below higher timeframe resistance levels
Trading Scenarios
Bullish Recovery:
Break above$2,861 could target $2,985 resistance
Bearish Continuation:
Break below$2,716 may test $2,623 support
Range Continuation:
Extended consolidation between$2,716-$2,861
Summary
ETH is in a technically defined range with key characteristics:
1. Trading within clear channel between $2,716-$2,861
2. High volume activity despite moderate price movement
3. Significant distance from major resistance levels
4. Critical support test at $2,716 daily low
The defense of the $2,716 support is essential for preventing a deeper correction toward the $2,623 support zone.
$ETH is trading in a well-defined range with substantial volume. Watch the $2,716 support and $2,861 resistance levels - a break in either direction could establish the next short-term trend given the high institutional participation.
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