Ethereumย (ETH) Price Shows Bearish Signs, Approaches Critical Support Zone
Ethereumโs price has recently taken a bearish turn, breaking important support levels and nearing a concerning death cross. Nonetheless, thereย is a glimmer of hope as the price approaches a wholeย lotย of support zone, suggesting the likelihoodย of a short-term consolidation phase.
Technical Analysis by Shayan
The Daily Chart
Ethereumโs price has experienced a wholeย lotย of downtrend, breaching key support levels including the 100 and 200-day moving averages. This rejection has resulted in a daily lower low, indicating a probable shift from an uptrend to a downward trajectory. Furthermore, the 100-day moving average is nextย to crossing below the 200-day moving average, forming a death cross pattern. If this breakout occurs, the market could expect a descent towards the $1.4K support region.
Nevertheless, the price has reached a critical support region represented by the 61.8% Fibonacci retracement level. This level is considered the last line of defense for Ethereumย (ETH) bulls. If the price falls below this threshold, the chances of a sharp decline would increase.
Hot Take
Ethereumโs price is asย ofย now at a critical juncture, with bearish signals and a probable death cross pattern. Althoughย while there couldย be hope for a short-term consolidation phase, breaking below the 61.8% Fibonacci retracement level could lead to a wholeย lotย of decline in price.
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