ETH/USDT Analysis

🫴 Price Trend:

The weekly candlestick chart shows that ETH is in a quite pronounced downtrend in recent weeks. Currently trading below 2,000 USDT.

🫴 Support and Resistance:

There is an important support zone of 2050 - 2165 USDT that has been broken, now it may become a new resistance zone if the price shows signs of recovery.

The current weekly candle is a bearish candle, indicating that selling pressure is still ongoing.

The RSI indicator is at 33.86, near the 'oversold' zone, showing a strong downward momentum, but it has not fully entered the oversold zone on the weekly timeframe, and the RSI trend is also going down, consistent with the price downtrend.

In my prediction, ETH may drop to the new support level of 1544 - 1700 USDT. (Yellow zone).

🛑 Note: This is just my personal opinion and not investment advice.

#ETH #Write2Earn