This analysis can be particularly useful for traders who are following the short-term or mid-term price movements of Ethereum (ETH).

Summary

Ethereum is currently in a bearish trend and may see further decline if it breaks below the support of $1,690, with a target of $1,438.

Key Points:

Resistance Zone: $1,930 – $2,050

Current Price: $1,884 (price may change over time)

Support Zone: $1,690

Target: $1,438

Trading Strategy

If the price reaches the zone of $1,930 – $2,050 and gets rejected, it could be a great selling opportunity.

If the price breaks out below $1,690, further bearish pressure may ensue.

If the price breaks above $2,050 and stabilizes there, the bearish setup may fail.

Risk and Risk Management

Stop Loss: Above $2,050

Trade Confirmation: Upon rejection at resistance or breakout below support.

Final Opinion

This setup shows a bearish continuation, with further decline expected upon breaking below $1,690. However, there is always risk in the market, so DYOR (Do Your Own Research) and do not trade without a stop loss.

Are you thinking of trading this yourself, or just looking at the analysis?