Here is the daily chart of Ethereum (ETH) against Tether (USDT), with a focus on a potential short scenario. The analysis based on the chart is as follows:
The chart shows a clear descending trend with lower highs and lower lows, indicating bearish momentum in the market.
The price is currently near a key support area of around $2,360, highlighted by the brown horizontal area. This support area has been tested multiple times and is crucial for the next price action.
there is a resistance area near $2,800, which has previously acted as a supply area, which could potentially limit any immediate bullish rally.
A breakdown from a small ascending wedge or consolidation pattern appears, indicating further bearish pressure.
The chart shows a possible rebound from the current support zone, but with overall bearish pressure, the broader movement may remain downward until the price breaks above the resistance.
Below is a long-term ascending trendline, which could act as a key support level if the current support fails.
the short-term scenario remains bearish, with a short-term bounce likely from current levels. However, the general bias suggests caution, as the breakdown from the recent consolidation points to a risk of continued declines unless key resistance levels are broken.
Note: This is not financial advice. Stay tuned for further updates and analysis. Thank you.
The chart shows a clear descending trend with lower highs and lower lows, indicating bearish momentum in the market.
The price is currently near a key support area of around $2,360, highlighted by the brown horizontal area. This support area has been tested multiple times and is crucial for the next price action.
there is a resistance area near $2,800, which has previously acted as a supply area, which could potentially limit any immediate bullish rally.
A breakdown from a small ascending wedge or consolidation pattern appears, indicating further bearish pressure.
The chart shows a possible rebound from the current support zone, but with overall bearish pressure, the broader movement may remain downward until the price breaks above the resistance.
Below is a long-term ascending trendline, which could act as a key support level if the current support fails.
the short-term scenario remains bearish, with a short-term bounce likely from current levels. However, the general bias suggests caution, as the breakdown from the recent consolidation points to a risk of continued declines unless key resistance levels are broken.
Note: This is not financial advice. Stay tuned for further updates and analysis. Thank you.
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