Hey BTC enthusiasts! ๐ Ethereum's price has been a bit bearish lately, but don't lose hope just yet! ๐ Technical analysis shows that the price recently tested the $1,750 resistance level but was rejected. However, the 50-day moving average around $1,650 is providing support, preventing a further decline. If these levels hold, we might see a rally toward the 200-day moving average near $1,800! ๐
On the 4-hour chart, the price is in a critical area, hovering around the $1,650 short-term support zone. If this level holds, we could see a new rally and potentially break above $1,750, aiming for the $2,000 level in the coming months! ๐ฏ
But let's not ignore market sentiment. The Coinbase premium gap shows that American investors are currently bearish on Ethereum and selling aggressively. This could lead to a market crash if conditions persist. ๐ฌ So, fingers crossed for Ethereum's price to hold and prevent a massive crash! ๐ค๐