Ethereum’s Current Status: Navigating Stability Near Key Resistance Points
Ethereum (ETH) shows a bearish trend of lower highs and lows on the daily chart, indicating a potential downturn.
However, the price stabilizes around the $2,500 level, suggesting a possible base formation. After peaking at $2,769 earlier this month, low trading volume points to reduced selling activity. The relative strength index (RSI) is neutral at 48.77, indicating neither overbought nor oversold conditions. Key support sits between $2,400 and $2,500, while resistance may arise around $2,700 to $2,750 if bullish momentum picks up. On the 4-hour chart, minor rebounds have brought ETH back to $2,500, but a recent sell signal from the MACD suggests caution.
A breakout above $2,525 could trigger a rally toward $2,600-$2,620, but a stop-loss around $2,450 is advised to manage risks. Overall, Ethereum faces significant resistance to upward movement and may remain in consolidation unless supported by strong volume.
Clever Robot News Desk 29th October 2024
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