Ethereum

Rally

Edge

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) is exhibiting a bearish trend with a descending channel pattern on its daily chart.</li> 
 <li>The immediate support range at the $3,200 level could be critical in determining Ethereum’s near-term trajectory.</li> 
</ul> 
Ethereum has been showing signs of a bearish trend, as evidenced by a descending channel pattern on its daily chart. 
The cryptocurrency’s immediate support range at the $3,200 level could potentially influence its near-term movement. 
<h2 id="ethereum-s-bearish-trend">Ethereum’s Bearish Trend</h2> 
Over the past month, Ethereum has reversed from the $3,900 resistance level, paving the way for bearish activity. 
During this period, the altcoin’s Open Interest trend has increased, raising doubts about its ability to maintain the immediate support level. 
If the selling pressure continues to rise, Ethereum might nullify a bullish rally and experience a downward breakout. 
However, a rebound from the $3,260 level could help buyers regain some momentum. 
At the time of writing, Ethereum was trading at $3,362, marking an increase of nearly 3% in the past 24 hours. 
<h2 id="can-ethereum-reverse-the-trend">Can Ethereum Reverse the Trend?</h2> 
ETH sellers have consistently held the resistance level near the $4,000 mark for over three months. 
The $3,900 ceiling halted Ethereum’s 35% rally last month and pulled the price below the 20-day and 50-day EMAs. 
This resulted in a classic descending channel pattern on Ethereum’s daily chart. 
If the upper trendline of this descending channel continues to resist bull runs, Ethereum could continue its downtrend in the short term. 
In such a scenario, the $2,800 region might provoke a bullish rebound. 
Conversely, a potential close above the current pattern could pave the way for bulls to trigger a rally, with the first significant resistance level for buyers being in the $3,900 region. 
According to the Stochastic RSI, there are extremely oversold readings at the time of writing. 
Buyers should wait for a potential bullish crossover to gauge Ethereum’s near-term bullish potential. 
If the price action rises above the 20/50 EMA and a bullish crossover on Stochastic RSI occurs, this could create a strong buy signal for traders. 
<h2 id="ethereum-s-bearish-edge">Ethereum’s Bearish Edge</h2> 
According to data from Hyperblockcapital, Ethereum’s Open Interest indicator has been marking an uptrend (higher highs) over the past month. 
However, the price action saw lower highs during this time, suggesting a bearish divergence where more traders are entering short positions rather than long positions. 
Moreover, the total net exchange flows over the past day increased by nearly 140%, reaffirming the overall bearish sentiment. 
Ethereum’s rebound from the $3.2K–$3.3K support range would be crucial to break the bearish narrative.

Critical Level for Ethereum’s Surge: Understanding the Breaking Point in its Price Rally

Obsah

CoinEagle.com

Ďalšie články zverejnené 25. 6. 2024

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