$ETH
1. General Direction:
Current Price: $2518.58.
There is a clear decline from the recent peak at $2788.88.
The moving average MA(7) has been broken downwards, and the price has settled below it, indicating selling pressure.
2. Moving Averages:
MA(7) = 2523.96 (closest to the current price, indicating resistance).
MA(25) = 2603.71 (strong resistance level).
MA(99) = 2563.37 (also represents medium-term resistance).
The price is currently below all three moving averages, indicating a dominance of the downward trend.
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3. RSI Indicator:
RSI(6) = 31.09
RSI(14) = 37.94
RSI(24) = 43.68
All RSI readings are below the 50 level, with some close to the oversold area (30), indicating very weak momentum for buyers but a possibility of a technical rebound if the nearby resistance is broken.
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4. MACD Indicator:
MACD = -9.30
DIF = -28.22
DEA = -18.92
The MACD is in a clear negative crossover, and the red bars are increasing, supporting the continuation of the downward trend.
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5. Support and Resistance:
Important support around: 2438.39
Current resistance: 2523.96 (MA7) then 2563.37 and 2603.71
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Technical Outlook:
As long as the candles are below the moving averages, the trend is downward.
RSI and MACD support this trend.
If the support at $2438 is broken, we may witness a acceleration in the decline.
If the price returns above $2563 (MA99), a change in direction may begin in the short term.
