ETH has fallen below the weekly MA60 and MA120, with its price plunging to $2,696. It looks like a breakdown, but the downside has already been effectively sealed off.
During crypto bull-market cycles, Ethereum’s weekly price rarely falls below the MA200. That ultimate moving average is now at $2,537, less than $160 from the current price.
The order book makes the picture even clearer: dense clusters of large buy orders are stacked between $2,660 and $2,680. Large buyers are stepping in early to establish a floor, and the long-term moving average is just around the corner. With such an asymmetric risk-reward ratio, selling at an extreme support level would be the costliest misjudgment.
#ETH
👇
During crypto bull-market cycles, Ethereum’s weekly price rarely falls below the MA200. That ultimate moving average is now at $2,537, less than $160 from the current price.
The order book makes the picture even clearer: dense clusters of large buy orders are stacked between $2,660 and $2,680. Large buyers are stepping in early to establish a floor, and the long-term moving average is just around the corner. With such an asymmetric risk-reward ratio, selling at an extreme support level would be the costliest misjudgment.
#ETH
👇
