$ETH is sitting near 2,225 USDT after losing the 2,282-2,310 floor that caught every dip from Oct 24 to Oct 29. Today's flush printed 2,174, the lowest 4H wick in about seven weeks.
• Trend: lower highs under a falling trendline from the Oct 22 high (2,526 > 2,391). Price trades below the 4H EMA50 (~2,340) and EMA200 (~2,450)
• Key support: 2,216-2,227 (today's afternoon lows), then 2,174 (today's wick low). Below that there's no 4H shelf left on this chart
• Key resistance: 2,282-2,310 (the broken floor), then 2,340 (EMA50), then 2,370-2,391 (Oct 29-30 highs and the trendline)
• RSI(14) ~32, close to oversold, so a bounce can come fast, but buyers haven't closed a 4H candle above 2,260 since the drop
• Bullish: a 4H close back above 2,310 puts price inside the old range and opens 2,340. Bearish: a close under 2,174 leaves the move open toward 2,100
As long as 2,310 caps price, I treat bounces as retests of broken support.
Not financial advice.
#ETH #Ethereum #TechnicalAnalysis #CryptoMarket #Binance
• Trend: lower highs under a falling trendline from the Oct 22 high (2,526 > 2,391). Price trades below the 4H EMA50 (~2,340) and EMA200 (~2,450)
• Key support: 2,216-2,227 (today's afternoon lows), then 2,174 (today's wick low). Below that there's no 4H shelf left on this chart
• Key resistance: 2,282-2,310 (the broken floor), then 2,340 (EMA50), then 2,370-2,391 (Oct 29-30 highs and the trendline)
• RSI(14) ~32, close to oversold, so a bounce can come fast, but buyers haven't closed a 4H candle above 2,260 since the drop
• Bullish: a 4H close back above 2,310 puts price inside the old range and opens 2,340. Bearish: a close under 2,174 leaves the move open toward 2,100
As long as 2,310 caps price, I treat bounces as retests of broken support.
Not financial advice.
#ETH #Ethereum #TechnicalAnalysis #CryptoMarket #Binance
