$ETH ๐ ETH/USDT Price Action Analysis ๐
๐ Timeframe: 1D (Daily)
๐ Current Price: $2,641.21
โจ Ethereum is showing strong momentum but is also facing key technical levels that traders should watch closely. Letโs break it down:
๐ข Support Zones (Buyersโ Defense)
These are price levels where buyers have previously stepped in, making the price bounce upward:
$2,591 โ Aligned with the 7-day moving average (MA7), a crucial short-term support.
$2,420 โ Near the 25-day moving average (MA25), a stronger zone indicating bullish bias if held.
$2,270 โ $2,005 โ Psychological support and former consolidation range.
๐ If ETH dips toward these levels, it may find fresh buying interest.
๐ด Resistance Zones (Sellersโ Pressure)
These are levels where price struggles to break above due to selling pressure:
$2,738 โ Recent peak, marked as a local top where bulls previously got rejected.
$2,798 โ Historical resistance seen on the chart, likely to challenge upward moves.
โ ๏ธ A clean breakout above $2,738โ2,800 could trigger the next bullish leg! ๐
๐ MACD Insight
The MACD line is below the signal line (-15.73), hinting at weakening bullish momentum.
Traders may wait for a bullish crossover before re-entering for momentum trades.
๐ง Summary
ETH is consolidating just above critical short-term support with bulls defending the $2,600 zone. A break above $2,738 could open the door for $2,800+, while a dip below $2,591 may shift sentiment slightly bearish in the short term.
๐น Trade wisely and watch the key levels!
