#MarketPullback
$Ethereum (ETH) is trading just below $1800, down around 3% over the past 24 hours. The recent dip below this key psychological level raises concerns about further downside pressure.
Current Market Overview
ETH's failure to hold above $1800 opens the door to additional selling. If the price remains below this threshold, the next potential support lies near $1700, a level both technically and psychologically significant.
Key Support Levels
- S1 (Immediate Support): $1720.06
- Psychological Support: $1700
The $1700-$1720.06 zone is crucial, where buyers are expected to step in. A reversal is possible if buying momentum returns.
Trading Strategy
- Buying Zone: $1700-$1720.06
- Potential Targets: $1800, $1850, $1962.23, $2108.80
- Suggested Stop-Loss: Tight stop below $1700
Warning
A decisive breakdown below $1700 could trigger a sharper sell-off, potentially sending ETH toward the next major support at $1534.87.
Additional Support Levels
- Support 2: $1534.87
- Support 3 (Strong Buy Zone): $1380
If Ethereum declines toward the $1534.87-$1380 range, this area could present a high-value accumulation opportunity for long-term investors.
Key Takeaways
- Important Trading Levels: $1850 (resistance), $1700 (critical support)
- Below $1700: Increased risk of freefall toward $1534.87 and $1380
- Above $1700: Potential rebound toward $1800 and higher targets
Market Outlook
While ETH remains under pressure, key support levels offer possible entry points for buyers willing to navigate current volatility. However, if $1700 fails to hold, downside risks increase significantly.
This analysis reflects personal views and is provided for informational purposes. Markets are influenced by news and broader sentiment, so it's essential to conduct your own research before making trading decisions.
