#ETH/USDT
Here's a comprehensive 4-hour technical analysis of ETH/USDT, focusing on the 30, 50, and 100 Exponential Moving Averages (EMAs), the 14-period Relative Strength Index (RSI), and key support and resistance levels for spot trading:
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đ Trend Overview & EMA Analysis
EMA 30, 50, and 100: Ethereum is currently trading below its 30, 50, and 100 EMAs on the 4-hour chart, indicating a bearish trend.
Price Action: The price has been declining, forming lower highs and lower lows, which confirms the downtrend.
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đ RSI (14) Analysis
Current RSI: The 14-period RSI is around 34.84, approaching the oversold territory.
Interpretation: An RSI below 30 typically indicates oversold conditions, suggesting a potential for a short-term rebound.
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đ Key Support & Resistance Levels
Support Zones:
$2,657 â $2,636: This range is identified as a potential demand zone.
$2,559 â $2,394: Major support area if the price breaks below the immediate support.
Resistance Zones:
$2,735: Minor resistance level.
$2,847: Key breakout level, aligning with the EMA 50 resistance.
$3,057 â $3,097: Mid-term resistance zone.
$3,222 â $3,372: Strong supply zone.
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đ Trading Strategy Considerations
Bullish Scenario:
Entry Point: Consider entering a long position between $2,636 and $2,657, anticipating a bounce from the support zone.
Targets:
$2,735 (short-term resistance)
$2,847 (major breakout level)
$3,057 â $3,097 (mid-term resistance)
Stop Loss: Set below $2,559 to manage downside risk.
Bearish Scenario:
Breakdown Confirmation: If the price falls below $2,559 with increased volume, it may indicate a continuation of the downtrend.
Next Support Levels: Monitor the $2,394 area for potential support.
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â ïž Risk Management & Final Thoughts
Volume Analysis: Recent high red volume bars indicate strong selling pressure. However, a decrease in volume might suggest weakening seller strength, potentially leading to consolidation or a reversal.
