ETH/USDT: technical analysis (daily)
Ethereum is trading around 2,360 USDT, down 5.80% over 24 hours, giving back almost all of its rise from 1,512 to a high of 2,808.
On the Fibonacci retracement of that upward move, the price has already crossed the 0.236, 0.382, 0.5, 0.618, and 0.786 levels, and is now testing the 1.0 level at 2,356.67, which coincides with the EMA(99) at 2,355.64. This confluence forms the structure’s most important support. The 0.618 (2,529) and 0.786 (2,453) levels become resistance in the event of a rebound.
A trend change has not yet been confirmed. The EMA(7) has crossed below the EMA(25), and the short-term outlook is weak, but the price has not yet closed below the 1.0 level or the EMA(99). As long as 2,356 holds on a daily close, this looks like a deep correction within an uptrend. A daily close below that level, accompanied by volume, would confirm a reversal and open the way to 2,017 and then 1,732.
The RSI(6) at 23.60 indicates strong oversold conditions and favors a technical rebound, but oversold conditions alone do not guarantee a reversal.
Bullish scenario: holding 2,356 and recovering 2,453, with targets at 2,529 and 2,582. Bearish scenario: losing 2,356 on a daily close, with a target of 2,017.
The asset is at a decision point, and using a stop-loss is essential.
Educational analysis, not investment advice.
#ETH #Ethereum $ETH
Ethereum is trading around 2,360 USDT, down 5.80% over 24 hours, giving back almost all of its rise from 1,512 to a high of 2,808.
On the Fibonacci retracement of that upward move, the price has already crossed the 0.236, 0.382, 0.5, 0.618, and 0.786 levels, and is now testing the 1.0 level at 2,356.67, which coincides with the EMA(99) at 2,355.64. This confluence forms the structure’s most important support. The 0.618 (2,529) and 0.786 (2,453) levels become resistance in the event of a rebound.
A trend change has not yet been confirmed. The EMA(7) has crossed below the EMA(25), and the short-term outlook is weak, but the price has not yet closed below the 1.0 level or the EMA(99). As long as 2,356 holds on a daily close, this looks like a deep correction within an uptrend. A daily close below that level, accompanied by volume, would confirm a reversal and open the way to 2,017 and then 1,732.
The RSI(6) at 23.60 indicates strong oversold conditions and favors a technical rebound, but oversold conditions alone do not guarantee a reversal.
Bullish scenario: holding 2,356 and recovering 2,453, with targets at 2,529 and 2,582. Bearish scenario: losing 2,356 on a daily close, with a target of 2,017.
The asset is at a decision point, and using a stop-loss is essential.
Educational analysis, not investment advice.
#ETH #Ethereum $ETH