1. Current Price and Recent Performance $ETH
- Current Price: ~$2,404–$2,416.
- Market Cap: $290.25 billion, with a daily trading volume of approximately $31 billion.
2. Technical Analysis and Indicators
Moving Averages and Indicators
- Moving Averages (MA): Most indicate a sell signal, especially in the short term (MA10, MA20, MA50).
- Technical Indicators:
- RSI (14): 42.24 (Sell).
- MACD: Negative (-25.7), indicating bearish momentum.
- Stochastic: 19.5 (Oversold).
Support and Resistance Levels
- Key Support: $2,445–$2,520 (Active Institutional Demand Zone).
- Strong Resistance: $2,630–$2,700 (breaking this could lead to a rise towards $2,850–$2,924).
3. Forecasts and Potential Scenarios
- Bullish Scenario:
- Activation: Break above $2,630 with positive momentum and a closing candle above this level.
- Targets: $2,724 (short-term resistance), then $2,850–$2,924.
- Support: $2,520 as a potential bounce area.
- Bearish Scenario:
- Activation: Break below $2,520 with negative momentum.
- Targets: $2,445 (strong support), then $2,300.
- Risks: Formation of a "Head and Shoulders" pattern in the short term may increase downward pressure.
4. Trading Recommendations
- Entering Buy:
- Upon a successful retest of the $2,520 level or break above $2,630.
- Stop Loss: Below $2,445.
- Entering Sell:
- Upon breaking $2,520 with confirmation of negative momentum.
- Stop Loss: Above $2,580.
Summary
Ethereum shows sharp volatility with conflicting technical signals between short-term selling and medium-term bullish potential. Traders are advised to closely monitor the testing of $2,520 and $2,630 levels and be ready to adjust their strategy according to market momentum and impactful news, such as network updates or large liquidity movements.$ETH
