$ETH Is holding 2,400 enough to call a bottom? Not so fast—the price is still capped by three moving averages overhead.
The current price is around 2,437, up 0.55% over 24 hours, with an intraday range of 2,327–2,446.
Trend: On the 4-hour chart, the price is above EMA20 (around 2,419), but still below EMA50 (around 2,455) and EMA200 (around 2,549). On the daily chart, it remains below EMA20 (around 2,507) and EMA50 (around 2,488), so this is still a recovery phase.
First, the data: The 30-day low of 2,313 was just tested before the price rebounded, suggesting support was tested.
Second, open interest and funding rate: Open interest is around $5.56 billion, up about 1.6% in a day. The funding rate is 0.009%, so positioning isn't crowded.
Third, the risk: The daily moving averages around 2,490–2,510 are overhead, so a rebound to this area could encounter selling pressure.
Key levels: Support at 2,330 and 2,313; resistance at 2,455 and 2,520.
Scenario one: If the 4-hour candle closes and holds above 2,455, watch the daily moving averages near 2,520.
Scenario two: If the price breaks below 2,313, this rebound needs to be reassessed.
My view: Until the price holds above 2,455, I’d treat this as a recovery bounce and wouldn’t chase it.
Do you think ETH has bottomed, or is this a rebound that’s about to be sold into? At what price would you make a move?
This is only my personal observation and does not constitute investment advice.
The current price is around 2,437, up 0.55% over 24 hours, with an intraday range of 2,327–2,446.
Trend: On the 4-hour chart, the price is above EMA20 (around 2,419), but still below EMA50 (around 2,455) and EMA200 (around 2,549). On the daily chart, it remains below EMA20 (around 2,507) and EMA50 (around 2,488), so this is still a recovery phase.
First, the data: The 30-day low of 2,313 was just tested before the price rebounded, suggesting support was tested.
Second, open interest and funding rate: Open interest is around $5.56 billion, up about 1.6% in a day. The funding rate is 0.009%, so positioning isn't crowded.
Third, the risk: The daily moving averages around 2,490–2,510 are overhead, so a rebound to this area could encounter selling pressure.
Key levels: Support at 2,330 and 2,313; resistance at 2,455 and 2,520.
Scenario one: If the 4-hour candle closes and holds above 2,455, watch the daily moving averages near 2,520.
Scenario two: If the price breaks below 2,313, this rebound needs to be reassessed.
My view: Until the price holds above 2,455, I’d treat this as a recovery bounce and wouldn’t chase it.
Do you think ETH has bottomed, or is this a rebound that’s about to be sold into? At what price would you make a move?
This is only my personal observation and does not constitute investment advice.