Ethereum’s Price Drops Below Key Resistance Level
After weeks of consolidation, Ethereum has experienced a significant downward move in its price. This is not good news for ETH, as there are still multiple support levels to break through. In this article, we will analyze the technical aspects of this price movement.
The Daily Chart:
– The price has dropped below the $1,750 level and the key 200-day moving average, which is located around $1,800.
– The 200-day moving average is an important trend indicator, and when the price trades below it, the market is considered bearish.
– Currently, the price is being held by the short-term $1,650 support level, and a bullish pullback is possible.
– However, the recent decline has shifted the market structure to bearish, and a retest of the $1,400 level is likely in the coming weeks.
In conclusion, Ethereum’s price has seen a significant move to the downside, breaking key support levels. The market structure has shifted to bearish, and further declines are expected. It’s important for crypto readers to closely monitor the price action and consider their investment strategies accordingly.
Hot Take:
The recent drop in Ethereum’s price is a clear indication of the bearish sentiment in the market. It’s essential for crypto readers to stay updated with the latest developments and adjust their trading strategies accordingly.
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