Ethereum (ETH) Under Pressure! 🐻
Ethereum is facing downward winds! 📉 After a peak at $4788, ETH has dropped by 10.4% over the past 7 days on the daily timeframe. Why? The bears are in control!
📊 Technical Analysis (Daily Timeframe):
Current Price: Between $4250 and $4255.
Highest Current Resistance at Price: $4877
Strongest Current Support Area: Between $3350 and $3500, considered a strong area as we have seen a rise from it before.
💥 Why the Drop?
News: Strong negative flows (-$422 million) in ETF funds (August 19), with an exit queue piling up at $3.1 billion!
Bears: Sellers defending with strong short positions on Binance and a general market correction.
My Personal Opinion: The downward wave may continue until it reaches a previous support area, news and bulls may intervene early, affecting the current downward momentum.
💡 Share your opinion and analysis with us for tonight! 👇
