Technical analysis report for .🤖 Technical Analysis:
The $ETH /USDT chart shows a bearish trend, with the price currently trading below the 25-day and 99-day moving averages. The recent price action indicates a potential downward consolidation, as the price has formed a series of lower highs and lower lows. 🔻
The support level at $2,450.00 appears to be a crucial area to watch, as a break below this level could lead to further downside. The trading volume has also been relatively low, suggesting a lack of bullish momentum. 📉
However, the Relative Strength Index (RSI) is currently in the oversold territory, indicating potential for a short-term rebound. Traders may want to monitor the price action closely and consider entering long positions if the price bounces from the support level. 📈 Overall, the current market conditions suggest a cautious approach, with a focus on risk management and identifying potential entry and exit points. 🚦
