Here's the analysis and short-term forecast ETH chart:
๐ Current Situation (Daily Chart โ 1D):
Price: 3,535.07 USDC
24h Change: +2.60%
EMA(9): 3,585.90 (above current price โ acting as resistance)
EMA(21): 3,502.69 (below current price โ acting as short-term support)
EMA(50): 3,170.05 (major long-term support)
MACD: -69.77 โ still bearish, but showing signs of slowing momentum
Stochastic RSI: extremely low (9.75 / 4.61) โ oversold conditions, potential for a bullish reversal
๐ What Does This Mean?
1. Short-Term Outlook (next few days):
Price has bounced off EMA(21) after a strong recent drop.
Stochastic RSI indicates a potential upside reversal, as it's deep in oversold territory.
If price breaks above EMA(9) (~3,585), it could aim for the 3,640โ3,750 USDC zone.
2. If price fails to hold above EMA(21):
It may retest support around 3,258, and potentially the EMA(50) at 3,170.
๐ฎ Forecast (Next 3โ7 Days)
๐ผ Bullish Scenario (60% probability):
Price breaks above 3,585 โ targets 3,640โ3,750 range.
๐ฝ Bearish Scenario (40% probability):
Price fails to hold above 3,500 โ retests 3,258 or even drops to 3,170.
