🪙🪙#ETH #Ethereum 🪙🪙
As of January 27, 2025, Ethereum (ETH) is trading around $3,198.21, with an intraday high of $3,216.98 and a low of $3,069.69.
📉📊Daily Technical Analysis:
General Trend: Recently, ETH has shown a "head and shoulders" formation on the daily chart, suggesting a possible reversal of the previous bullish trend.
📶Moving Averages: The price is near the 200-day exponential moving average (EMA), located around $3,150, acting as a key support.
🔛Supports and Resistances:
Immediate Support: $3,090, corresponding to the neckline of the "head and shoulders" formation.
Key Resistance: $3,500, a level that ETH must surpass to invalidate the bearish formation and regain a bullish outlook.
Entry Strategy:
Given the possible confirmation of the "head and shoulders" formation, one strategy would be to wait for a clear break below the support at $3,090 and look for a short entry, targeting levels between $2,900 and $3,100. Alternatively, if the price rebounds and surpasses $3,500, a long entry could be considered, anticipating a bullish continuation.
Conclusion:
Ethereum shows technical signs of a possible bearish reversal on the daily frame. It is crucial to monitor the mentioned support and resistance levels and wait for confirmations before making trading decisions.