Here is a detailed analysis of the ETH/USDT chart:
1. Current Price
The current price is $3,217.61, with a decrease of -2.27% in the last 24 hours.
2. Moving Average Indicators:
EMA50 (yellow line): Located at $3,269.72, indicating a bearish trend as the price is below the EMA50.
EMA200 (green line): Located at $3,299.76, which is also above the current price, confirming the dominance of a long-term bearish trend.
3. Support and Resistance Levels:
Nearest Support: $3,167.45.
Nearest Resistance: $3,251.47.
Major Resistance: $3,367.95.
4. Volume:
Trading volume is decreasing, with a lower average volume, indicating a decrease in market momentum for both bulls and bears.
5. MACD Indicator:
MACD Line (-0.89) and Signal Line (-21.19) are still in the negative zone, indicating a bearish trend.
The MACD histogram shows a weakening of bearish momentum as the bars begin to approach the zero level.
6. DIF and DEA Indicators:
DIF (-22.07) and DEA (-21.19) show that the movement is still negative, but the divergence is getting smaller, providing potential for consolidation or a trend reversal in the near future.
7. General Trend:
The price shows a stable downtrend after failing to maintain the $3,367.95 level.
The decline below the EMA200 signals that selling pressure is still strong.
Recommendations:
For Buy Positions (Long):
Wait if the price manages to break back above the EMA50 ($3,269.72) with large volume.
Or wait for confirmation of a reversal from the support level at $3,167.45.
For Short Positions:
Consider entering if price breaks through $3,167.45 support with high volume.
Watch the immediate resistance of $3,251.47 for a potential re-entry.
Also pay attention to market sentiment and fundamental news for ETH, as external factors can influence larger moves.