Technical Analysis of Ethereum (ETH) – Upcoming Period
The price of Ethereum (ETH) is experiencing significant technical movements during this period, as it is currently trading near key support levels, placing it in a critical zone that may determine its direction in the coming weeks.
Important Technical Levels:
Key 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 could support a short-term corrective rise.
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 to $3550 provided the resistance is firmly broken.
However, if the support at $2900 is broken, we may witness further declines towards the $2700 – $2600 regions.
Overview:
The general trend in the medium term remains downward, but in the short term, we may see corrective upward movements provided the support holds.
Advice: It is important to monitor global market movements and the decisions of the U.S. Federal Reserve, as major economic news can significantly impact cryptocurrency movements.
