Emphasizing the Crossroads
$ETH : At a Critical Juncture – Bounce or Deeper Correction?
Ethereum $ETH recently tested the $2,879 resistance level, pulling back to $2,760 and currently showing a -1.8% drop over the last 24 hours. The 15-minute RSI, now at 17, is flashing clear oversold signals, suggesting a potential short-term bounce.
However, the 1-hour MACD has flipped bearish, indicating prevailing short-term selling pressure. Interestingly, volume spikes during this dip could point to "smart money" accumulating.
While the 4-hour trend is tenuously holding, momentum is clearly fading, and bulls appear to be on the back foot.
Key Levels to Watch:
* $2,754 Support: This is the immediate battleground. A strong hold could lead to a retest of the $2,800–$2,820 range.
* Breakdown Below $2,754: This would open the door for a slide towards $2,670.
* RSI Recovery: A move back above 30 on the RSI is needed for a more convincing bounce.
* MACD Bullish Cross: Look for a bullish cross on lower timeframes as a potential reversal sign.
Is this a healthy market reset or the start of a deeper correction? The charts will reveal the answer. Trade cautiously and prioritize capital protection.
What's your strategy for ETH at this critical point? Let us know below!
