ETHUSDT was making an effort to surpass a downward price channel that had developed on its daily chart over the past two weeks. If ETH manages to close a daily candle outside of this channel in the next 48 hours, it could potentially aim to turn the resistance level at $2,065 into a support level.Conversely, if the leading altcoin fails to break free from the descending channel within the next 72 hours, it might face the risk of testing the critical support level at $1,945. If it breaches this crucial level, ETH could be susceptible to further decline, potentially reaching the subsequent support level at $1,830 in the days to come.
It's worth noting for traders and investors that technical indicators on ETH's daily chart currently suggest a bearish sentiment. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators indicate that bearish momentum is predominant.
The daily MACD line is positioned below the MACD Signal line, indicating that ETH is still in a bearish trend. Additionally, the RSI line is situated below the RSI Simple Moving Average (SMA) line, which typically signifies that sellers hold more strength than buyers.
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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.