On the chart, we observe that the ETH/USDT pair is moving within a descending channel and is trading below the 20, 50, 100, and 200-day moving averages. This view confirms that the overall trend is weak.
The areas highlighted in red are Order Block (OB) zones where heavy institutional buy/sell orders were executed in the past. In particular, the $2160 level on the demand side has previously acted as critical support where the price received a strong reaction. If the price holds in this zone, a short-term rally toward the upper band of the descending channel could be seen. However, if the OB zone breaks to the downside, the decline might deepen and new lows could be tested.
The RSI indicator is currently neutral, so it does not signal overbought or oversold conditions.
Since the MACD continues to remain in negative territory, there is not yet a strong bullish momentum signal.
Additionally, due to the lack of a significant increase in volume, additional catalysts are needed to expect a sharp change in market direction in the short term.
In summary, if the OB zone is maintained, the likelihood of an upward correction increases. Otherwise, selling pressure may intensify, and if a daily candlestick closes below the demand support line, the $2160 level should be used as a stop-loss. It is important to use stop-loss and similar risk management methods in both bullish and bearish scenarios.
The areas highlighted in red are Order Block (OB) zones where heavy institutional buy/sell orders were executed in the past. In particular, the $2160 level on the demand side has previously acted as critical support where the price received a strong reaction. If the price holds in this zone, a short-term rally toward the upper band of the descending channel could be seen. However, if the OB zone breaks to the downside, the decline might deepen and new lows could be tested.
The RSI indicator is currently neutral, so it does not signal overbought or oversold conditions.
Since the MACD continues to remain in negative territory, there is not yet a strong bullish momentum signal.
Additionally, due to the lack of a significant increase in volume, additional catalysts are needed to expect a sharp change in market direction in the short term.
In summary, if the OB zone is maintained, the likelihood of an upward correction increases. Otherwise, selling pressure may intensify, and if a daily candlestick closes below the demand support line, the $2160 level should be used as a stop-loss. It is important to use stop-loss and similar risk management methods in both bullish and bearish scenarios.
Ücretsiz ve kontenjanlı Telegram grubumuza katılın ve diğer sosyal medya hesaplarımı takip edin !
Youtube: youtube.com/@ozgundashdan
Telegram: t.me/+tBwJjB_RZvRjNGNk
Youtube: youtube.com/@ozgundashdan
Telegram: t.me/+tBwJjB_RZvRjNGNk
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.
Ücretsiz ve kontenjanlı Telegram grubumuza katılın ve diğer sosyal medya hesaplarımı takip edin !
Youtube: youtube.com/@ozgundashdan
Telegram: t.me/+tBwJjB_RZvRjNGNk
Youtube: youtube.com/@ozgundashdan
Telegram: t.me/+tBwJjB_RZvRjNGNk
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.