Ethereum (ETH) Weekly Analysis โ Critical Levels to Watch!
๐น Current Price: $2,604 (-9.18%)
๐น 24h High: $2,796 | 24h Low: $2,560
๐น Key Support: $2,134 | Key Resistance: $3,134
๐ ETH in a Bearish Zone?
Ethereum is trading near a crucial support level and is about to break below the trendline on the weekly chart. If the weekly candle closes below this range, we could see further downside pressure, leading to a potential drop toward $2,134 support.
๐ Indicators Signaling Weakness:
โ Bollinger Bands: ETH is testing the lower band, indicating increased volatility.
โ RSI (Relative Strength Index): Near the oversold region, suggesting further downside risk.
โ Bearish Momentum: Continuous lower highs and lower lows confirm selling pressure.
๐จ Whatโs Next?
1๏ธโฃ If ETH holds above $2,560, a rebound towards $3,100 is possible.
2๏ธโฃ If ETH closes below $2,560, expect a drop to $2,134 or lower.
3๏ธโฃ For bulls to regain control, ETH must reclaim $3,134 resistance.
๐ Traders should closely watch the weekly close for confirmation. A bearish breakdown could trigger a significant correction, while a bounce might offer a long opportunity.
Are you bullish or bearish on Ethereum? Drop your thoughts below! ๐