ETH/USDT quick updates:
1.Current Price: ETH is trading at $2,623, close to the 61.8% Fibonacci retracement level of $2,652.28, indicating this area could act as a key resistance zone in the short term.
2.Support Levels:
- Immediate support lies at $2,523.91, followed by stronger levels at $2,425.71 and $2,288.92.
- If ETH breaks below $2,523, bearish momentum may accelerate toward the $2,425 zone.
3.Resistance Levels:
- Immediate resistance is at $2,758.90. Breaking above this level could push ETH toward the next resistances at $2,895.69 and $2,993.89.
- ETH needs to reclaim the 38.2% Fibonacci level at $2,707.73 to indicate potential for bullish recovery.
4.Indicators:
- EMA Levels: ETH is trading below the EMA (7, 14, and 20), indicating continued bearish pressure. A break above these EMAs could signal a potential trend reversal.
- RSI (Relative Strength Index): Currently around 44–51 across timeframes, reflecting weak momentum. A move above 50 could signal renewed buying pressure.
5.Market Sentiment:
- Despite the recent 22% weekly decline, whales appear to be accumulating ETH during this bearish phase. This suggests confidence in a long-term bullish outlook.
6.Actionable Levels:
- Bullish Entry: Consider entering around $2,652–$2,707 if ETH reclaims these levels with volume.
- Bearish Entry: If ETH drops below $2,523, short positions targeting $2,425 could be considered.DYOR
