ETH/USDT Quick Updates:
1. Current Price: ETH is trading at $2623, close to the 61.8% Fibonacci retracement level of $2652.28, which indicates that this area could act as a key resistance zone in the near term.
2. Support Levels:
- The immediate support lies at $2523.91, followed by stronger levels at $2425.71 and $2288.92.
- If ETH breaks below $2523, the bearish momentum can accelerate towards the $2425 zone.
3. Resistance Levels:
- The immediate resistance lies at $2758.90. Overcoming this level could propel ETH towards the next resistances at $2895.69 and $2993.89.
- ETH needs to reclaim the 38.2% Fibonacci level at $2707.73 to indicate bullish recovery potential.
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 on all time frames, reflecting weak momentum. A move above 50 could indicate renewed buying pressure.
5. Market Sentiment:
- Despite the recent 22% weekly drop, whales seem 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 $2652-$2707 if ETH reclaims these levels with volume.
- Bearish entry: If ETH falls below $2523, short positions targeting $2425 could be considered.DYOR
