ETHUSDT: Continuing to fall deeply? Sales under 3500
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ETHUSDT continues to consolidate below the $4000 resistance level, continuing to face an alarming downtrend, with the price currently hovering around $3465, marking a 0.30% gain on the day. At the same time, a descending triangle setup has formed. Theoretically the price will break the support level and correct.
The setup on H4 shows us a strong resistance level in the market At 3500 USD. There is a pattern forming on the chart that could quickly break the $3300 support level. In this case, a false breakout may occur. According to statistics, the strongest fluctuations occur after a false breakout. A breakout and consolidation below 3300 USD could cause a sharp decline to the liquidity zones indicated on the chart.
I expect the price to retest the 3500 level with a bounce. If the price quickly returns to this support level, the likelihood of a breakout increases. Fundamentally and technically, the ETH market is showing weakness so we can expect a negative scenario at the moment.
ETHUSDT continues to consolidate below the $4000 resistance level, continuing to face an alarming downtrend, with the price currently hovering around $3465, marking a 0.30% gain on the day. At the same time, a descending triangle setup has formed. Theoretically the price will break the support level and correct.
The setup on H4 shows us a strong resistance level in the market At 3500 USD. There is a pattern forming on the chart that could quickly break the $3300 support level. In this case, a false breakout may occur. According to statistics, the strongest fluctuations occur after a false breakout. A breakout and consolidation below 3300 USD could cause a sharp decline to the liquidity zones indicated on the chart.
I expect the price to retest the 3500 level with a bounce. If the price quickly returns to this support level, the likelihood of a breakout increases. Fundamentally and technically, the ETH market is showing weakness so we can expect a negative scenario at the moment.
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