🔄 Ethereum ETH/USDT Update
💰 Current Price: $2442
In the previous analysis, we indicated two potential scenarios for Ethereum's movements:
🔹 Scenario One: Break and close above the $2750 - $2800 range
However, what happened was a strong price rejection at this resistance, leading to a clear decline.
🔸 Now, it seems that Scenario Two is the closest to being realized, as we expect the price to retreat to the support area of $2300, which represents a strong technical pivot point, from which we may witness a new rally towards higher targets, God willing.
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📍 Conditions for activating the scenarios (as mentioned in the previous analysis):
✅ The continuation of the bullish scenario is contingent upon:
Breaking $2750 - $2800 with a clear daily candle close.
At that point, targets open towards:
$3100
Then $4060
❌ The scenarios fail and the outlook turns purely negative if:
The level of $2172 is broken with a daily close.
As for breaking and closing below $1850, it is considered an entry into a wider downward wave.
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🔎 Importance of Ethereum: Ethereum is not only the second largest cryptocurrency by market cap, but it is also the backbone of the decentralized applications (dApps), smart contracts, decentralized finance (DeFi), and NFTs ecosystem.
Any price movement in Ethereum directly affects the overall market condition.
📊 Summary:
The technical outlook currently tends to favor Scenario Two (decline towards $2300).
The continuation of this scenario is conditional on not breaking $2172.
And God knows best.
