Ethereum traders are on high alert as ETH/USDT delivers a complex yet pivotal setup heading into the week. The daily chart just closed with a bullish candlestick, but the overall price action shows ETH consolidating near recent highs, unable to break out and confirm a new upward surge.
The real story? Both the daily and hourly charts have flashed the dreaded "death cross"—a technical formation that traditionally signals a continuation of the downtrend. Despite a brief pullback that interrupted the steady decline, ETH is still feeling downward pressure, especially after sellers returned in force during the Asian morning session.
So, what's the hot strategy now? For the sharpest traders, today's contract play is to look for selling opportunities around the 3,670 mark, with eyes on a 3,600 target and stops tight at 3,700. The strength of the upcoming European session will be crucial; a failure to punch higher could give bears the upper hand once again.
In these volatile moments, every candle counts. Eyes on the chart—ETH traders, this is your moment to act with precision and seize the opportunity!