ETH Daily: Slid from 2807 to 2374, with little chance of a short-term rebound
On the daily chart, ETH fell from 2807 to around 2374, down about 3.6% in 24 hours and below the $2,400 level. Overhead, the MA7 at around 2467 and the MA20/MA25 at around 2621 are creating double resistance. The rebound lacks volume support, leaving the short-term structure weak.
Support below needs to be reassessed. Some previously believed the MA99, around 2263, would provide support. But according to the actual data, the MA99 is in the 2380–2400 range—which means this “long-term moving average” has now been broken below by price, rather than still “catching” it from underneath. ETH has now closed below this line for two consecutive days, a classic sign of weakness.
The next real support levels are the psychological 2300 mark and the April low zone. If 2300 gives way, the 2000 level will come into view.
Current outlook: The moving averages are in a bearish alignment, ETF funds continue to flow out, and leveraged longs are still being liquidated. These three pressures are compounding, pointing to an unfinished correction with more selling pressure yet to be released. Until signs of stabilization emerge, it’s not advisable to try to catch a falling knife.
In a nutshell: Don’t rush to call a bottom. Waiting for the price to hold above the moving averages with rising volume is more reliable than guessing a level that “feels like the bottom.”
$ETH
On the daily chart, ETH fell from 2807 to around 2374, down about 3.6% in 24 hours and below the $2,400 level. Overhead, the MA7 at around 2467 and the MA20/MA25 at around 2621 are creating double resistance. The rebound lacks volume support, leaving the short-term structure weak.
Support below needs to be reassessed. Some previously believed the MA99, around 2263, would provide support. But according to the actual data, the MA99 is in the 2380–2400 range—which means this “long-term moving average” has now been broken below by price, rather than still “catching” it from underneath. ETH has now closed below this line for two consecutive days, a classic sign of weakness.
The next real support levels are the psychological 2300 mark and the April low zone. If 2300 gives way, the 2000 level will come into view.
Current outlook: The moving averages are in a bearish alignment, ETF funds continue to flow out, and leveraged longs are still being liquidated. These three pressures are compounding, pointing to an unfinished correction with more selling pressure yet to be released. Until signs of stabilization emerge, it’s not advisable to try to catch a falling knife.
In a nutshell: Don’t rush to call a bottom. Waiting for the price to hold above the moving averages with rising volume is more reliable than guessing a level that “feels like the bottom.”
$ETH