Technical Analysis of Ethereum (ETH) – The Upcoming Period
The price of Ethereum (ETH) is witnessing significant technical movements during this period, as it is currently trading near key support levels, placing it in a critical area that may determine its direction in the upcoming weeks.
Important Technical Levels:
Major Support: $2900 – $3000
Nearest Resistance: $3250 – $3350
Pivot Resistance: $3550
Momentum Indicators:
The Relative Strength Index (RSI) shows signs of a rebound from the oversold area, which may support the opportunity for a short-term corrective rise.
The moving averages (MA50 and MA200) show a negative crossover, indicating continued selling pressure in the medium term.
Expected Scenario:
If Ethereum maintains the support level at $2900, we are likely to see an attempt to rebound towards $3250, and the rise may extend towards $3550, provided the resistance is breached firmly.
However, if the support at $2900 is broken, we may witness further decline towards the $2700 – $2600 areas.
Overview:
The general trend in the medium term remains tilted downwards, but in the short term, we may see corrective upward movements as long as the support holds.
Advice: It is important to monitor global market movements and decisions from the U.S. Federal Reserve, as major economic news can significantly impact cryptocurrency movements.
