ETH/USDT Analysis – Daily Chart
Ethereum is trading at 2,480 USDT, down 3.39% for the day, after correcting from a local high near 2,807 USDT.
Main support: 2,470 USDT (Fib retracement level 0.786), which is currently holding the price.
Main resistance: 2,542 USDT (Fib 0.618), with the next target at 2,593 USDT (Fib 0.5).
Chart pattern: the asset broke through the 0.5 and 0.618 levels and is now testing the 0.786 support. The RSI(6) is at 17.08, an extreme oversold condition, suggesting the downside move may be exhausted and that a short-term technical bounce is possible. However, the immediate trend remains bearish until a reversal is confirmed.
⚠️ This is not investment advice. Analysis only for informational and educational purposes.
#Ethereum #Fibonacci $ETH
Ethereum is trading at 2,480 USDT, down 3.39% for the day, after correcting from a local high near 2,807 USDT.
Main support: 2,470 USDT (Fib retracement level 0.786), which is currently holding the price.
Main resistance: 2,542 USDT (Fib 0.618), with the next target at 2,593 USDT (Fib 0.5).
Chart pattern: the asset broke through the 0.5 and 0.618 levels and is now testing the 0.786 support. The RSI(6) is at 17.08, an extreme oversold condition, suggesting the downside move may be exhausted and that a short-term technical bounce is possible. However, the immediate trend remains bearish until a reversal is confirmed.
⚠️ This is not investment advice. Analysis only for informational and educational purposes.
#Ethereum #Fibonacci $ETH