Around 4 a.m. today, ETH wicked down to a low of 2,070. The 1-hour candle closed below 2,201, so the previous trade is invalidated according to the conditions. Current price is around 2,214.
The chart is looking increasingly bearish: price has broken below the 2-day moving average support, leaving only the 3-day moving average at 2,116 as the last line of defense.
The key short-term level now is 2,250. A quick move back above 2,250 and the ability to hold there over the next few days are needed for a rebound and recovery. If price continues to fail to reclaim it, the outlook will be very dangerous. Watch for a possible battle to defend the 2,000 level soon.
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Levels to watch (no separate conditional orders)
· 2,250: Key short-term level; holding above it is necessary for a rebound and recovery
· 2,116: 3-day moving average; the last line of defense
· 2,000: A major psychological level; if price falls here, it’ll be a battle to defend it
Do you think 2,000 will be tested?
The chart is looking increasingly bearish: price has broken below the 2-day moving average support, leaving only the 3-day moving average at 2,116 as the last line of defense.
The key short-term level now is 2,250. A quick move back above 2,250 and the ability to hold there over the next few days are needed for a rebound and recovery. If price continues to fail to reclaim it, the outlook will be very dangerous. Watch for a possible battle to defend the 2,000 level soon.
📌
Levels to watch (no separate conditional orders)
· 2,250: Key short-term level; holding above it is necessary for a rebound and recovery
· 2,116: 3-day moving average; the last line of defense
· 2,000: A major psychological level; if price falls here, it’ll be a battle to defend it
Do you think 2,000 will be tested?