$ETH price is currently below the long-term moving averages, which confirms a downtrend. Every attempt to go up has been met with selling.
Right now, the price is flat and close to its recent low. Momentum indicators like the RSI are often in the oversold zone, which means the sell-off has been too fast and a short-term bounce is very possible.
The $ETH price has been making lower high after lower high. Currently, the price is moving sideways near the support area, trying to form a base after a big drop.
This sideways move suggests that sellers are getting tired, but buyers are not yet strong enough to start a clear uptrend. Watch for a decisive break of the sideways channel.
For Bullish (Upside Move): Enter a long position after a clear close above $3,000. The price must break and hold above $3,000(Resistance).
Take Profit: $3,165 - $3,266
Stop-loss: $2,827
For Bearish (Downside Move): Enter a short position after a clear close below $2,700. The $ETH price must break and close below $2,700(Support)
Take Profit: $2,500 - $2,550
Stop-loss: $2,880
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