🩺 ETH/USDT – Doctor's Technical Analysis (20 April 2025, 2:49 PM IST)

Current Price: $1,591.01 USDT

24h Change: −0.84%

24h High: $1,620.69

24h Low: $1,589.50

Volume: Approximately $1.1 billion

📊 Key Technical Indicators

Relative Strength Index (RSI): 68

Interpretation: Approaching overbought territory, indicating potential for a short-term pullback.​

Moving Averages:

5-Day MA: $1,596.00

20-Day MA: $1,754.19

50-Day MA: $2,082.98

200-Day MA: $2,752.75

Interpretation: ETH is trading below its 20-day, 50-day, and 200-day moving averages, indicating a bearish trend in the medium to long term.​

MACD (Moving Average Convergence Divergence): Bullish crossover

Interpretation: Indicates potential for continued upward momentum.

📉 Support & Resistance Levels

Support Levels:

$1,580

$1,550​

Resistance Levels:

$1,620

$1,650

📈 Chart Pattern

Descending Channel: ETH is forming a descending channel, which is typically a bearish pattern. A breakout above the upper trendline could signal a reversal.

💡 Buy/Sell Recommendation

Short-Term: Caution advised. Wait for confirmation of a breakout above $1,620 before entering new long positions.

Stop-Loss: Consider setting a stop-loss below $1,580.

Target: Monitor for a potential move towards $1,650 if resistance is broken.​

Long-Term: ETH remains below key moving averages, indicating a bearish trend. Long-term holders should monitor for signs of a trend reversal before accumulating more.

✅ Summary Verdict

Short-Term Outlook: Cautiously bullish, pending breakout confirmation above $1,620.

Long-Term Trend: Bearish, as ETH trades below key moving averages.

Recommendation: Monitor for breakout above resistance levels and consider entering positions accordingly.