Ethereum / TetherUSUpdated ETHUSDT
Today’s ETHUSDT analysis shows a potential bearish continuation. After a sharp 10% drop, the price is hovering around $2,390, signaling more downside risks. The chart indicates that ETH might enter a consolidation phase, with the price likely retesting the resistance zone between $2,839 and $2,535 before making another move lower.
Key Levels:
Resistance Zone: $2,839 to $2,535
Support Zone: $1,550 (major support zone highlighted below)
Trading Strategy:
Bearish Setup: If ETH struggles to break through the resistance zone, it may lead to further declines, potentially dropping to the support level at $1,550. Traders could look for shorting opportunities near the resistance around $2,839 with a target of $1,550.
Stop Loss: Place the stop loss just above the $2,839 resistance to protect against any unexpected breakouts.
Key Levels:
Resistance Zone: $2,839 to $2,535
Support Zone: $1,550 (major support zone highlighted below)
Trading Strategy:
Bearish Setup: If ETH struggles to break through the resistance zone, it may lead to further declines, potentially dropping to the support level at $1,550. Traders could look for shorting opportunities near the resistance around $2,839 with a target of $1,550.
Stop Loss: Place the stop loss just above the $2,839 resistance to protect against any unexpected breakouts.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.