$ETH
Technical Analysis Insights
Trend Analysis
The price is below the 50 EMA (1994.91 USDT) and 200 EMA (2013.39 USDT), signaling a bearish trend.
SuperTrend (10, 3) is red, further confirming bearish momentum.
Bollinger Bands show widening volatility, with price near the lower band, indicating oversold conditions but not necessarily a reversal.
Support & Resistance
Resistance: 1973.40 USDT (upper Bollinger Band) & 2061.14 USDT (previous resistance level).
Support: 1885.66 USDT (recent low) & 1896.70 USDT.
Candlestick Patterns
The recent large bearish candle suggests strong selling pressure.
Small-bodied candles near support might indicate slowing momentum.
Volume Analysis
A spike in selling volume shows strong bearish pressure.
Current volume is declining, signaling a possible relief bounce.
Oscillators (Momentum Indicators)
RSI (14) at 23.07 indicates an oversold condition, which may lead to a short-term bounce.
Stochastic RSI is near bottom (5.34, 2.20), supporting the oversold scenario.
MACD is in deep negative territory (-8.40, -29.37, -20.97), confirming a strong bearish trend.
Trading Strategy: Short with Tight Stop Loss
Entry:
Short ETH/USDT near 1912-1930 USDT if a weak bounce occurs and fails at resistance.
If price breaks above 1975 USDT, the downtrend is invalidated.
Stop Loss:
Above 1975 USDT (key resistance) to avoid getting trapped in a reversal.
Take Profit Targets:
First target: 1896 USDT (previous low)
Second target: 1885 USDT (major support)
Final target: 1850 USDT (psychological level)
Alternative: Long Trade (Reversal Play)
If price consolidates above 1896 USDT with a bullish confirmation candle, go long.
Stop loss: Below 1885 USDT.
Take profit: 1950-1975 USDT.
Conclusion
Primary trade: SHORT from 1912-1930 USDT, SL 1975 USDT, TP 1896/1885/1850 USDT.
Reversal possibility: Long above 1896 USDT, SL 1885 USDT, TP 1950-1975 USDT.
📌 Risk Management: Stick to a risk/reward ratio of at least 1:2.
🔴 Disclaimer: This is for informational purposes only, not financial advice. CYOR 🚀📊