#SwingTradingStrategy 🧠

#SwingTradingStrategy Ethereum (ETH) has seen a significant downtrend in the last 24 hours, currently trading around $2,400-$2,420, representing a drop of approximately 3-5%. This movement comes after it was hovering around $2,500 and faced rejection from higher resistance levels, notably around $2,750-$2,850 in recent days.
For swing traders, the current price action suggests a bearish short-term outlook. Key levels to watch:
* Resistance: $2,500-$2,540 (previous support now resistance), $2,614, and $2,678.
* Support: $2,380-$2,400 is crucial. A breakdown below this could lead to further declines towards $2,490 and potentially $2,450-$2,455.
Technical indicators like RSI and MACD are showing bearish momentum. Volume has also seen a decrease. Traders might look for short opportunities on bounces to resistance or confirmations of breakdown below support, with tight stop-losses given the volatility. Conversely, a strong rebound and reclaim of $2,500 with significant volume could signal a shift.