Ethereum in the Next 24 Hours: Can It Rebound? Perhaps Only by Breaking Through This Level Can It Turn Around!

Trend Analysis:

Ethereum (ETH) is currently priced at $2,696.20, down 2.87% in the last 24 hours. In the candlestick chart, ETH has encountered strong pressure near the resistance level of $2,849.70, showing obvious signs of a pullback. This level is a key offensive point for bears; if the price continues to retreat, the support level of $2,611.49 will become a crucial protective line. A drop below this point could accelerate the decline to $2,546.92.

Long and Short Game:

In the short term, bears still hold the advantage, with the MACD indicator showing negative values, and the DIF line (2.89) displaying a certain negative gap with the DEA line (5.94), indicating selling pressure. The RSI value (47.51) is also in the neutral zone, suggesting a heavy wait-and-see sentiment in the market at the current price level. However, once the upper resistance level is broken, ETH may be able to return to an upward trajectory.

Support and Resistance Levels:

• Support Level: $2,611.49

• Next Support Level: $2,546.92

• Resistance Level: $2,849.70

• Short-term Target: After breaking $2,849.70, a rebound to $2,930.31 may occur.

In the next 24 hours, do you think Ethereum will challenge the resistance level, or will it consolidate near the support level?

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